Bitcoin Price Parabolic Advance Continues Past $12,000
Bitcoin price has continued its rapid growth and on June 26 it hit $12,000 for the first time in over a year, according to Coin360.
Market visualization courtesy of Coin360
Bitcoin (BTC) breached the $12,000 level early this morning after mostly trading horizontally in the $13,000-$4,000 range for the first months of the year. Press time bitcoin is trading at $12500, after having increased its value 11% over the last 24 hours.
Bitcoin 1-year price chart. Source: Coin360
As Cointelegraph reported at the time, one June 22 BTC crossed the $11,000 line in under 24 hours after breaking $10,000. Earlier this week professional trader Peter Brandt also tweeted that bitcoin’s price is currently taking aim at $100,000 target. According to him, bitcoin is currently on its fourth parabolic growth phase, and “is a market like no other.”
The founder and CEO of Digital Currency Group argued earlier this month that it “looks like, perhaps, we are coming out of a crypto winter and we’ve entered a crypto spring,” in an interview with Bloomberg.
Also on June 22, Ethereum (ETH) hit its 10 months high after on June 21 news broke that Grayscale’s Ethereum-based security, Grayscale Ethereum Trust (ETHE), is now available for trading on OTC Markets.