Bitcoin Price Retakes $2,500 To Continue Eight-Week Overall Rally
Bitcoin is challenging previous highs from May as prices creep past $2500 to cap an eighth week of overall growth.
Bitcoin price is headed towards $2,600 as of Monday as a week of sustained growth reverses losses from the last week of May.
Altcoins broadly followed suit, the top 10 adding up to eight percent in the 24 hours to press time on the back of Bitcoin’s steady upward trend.
The move marks a return to more stable price action following last month’s comparatively significant volatility.
Eighth week factor
Analyzing Bitcoin, one commentator nonetheless drew attention to the fact that the virtual currency was completing its eighth week of overall growth. This had only occurred twice before, both periods signifying bubbles.
While multiple sources had warned about the adverse effects of a third bubble and considered it to be far from over following the recent correction under $2,000, the reversal is now challenging them to forecast new ceilings once again.
Despite the rapid rise in 2017, Bitcoin’s current price is only around twice the previous all-time “bubble” high of $1,200 in November 2013.
A curious big mover in June, meanwhile, has come in the form of SysCoin, the asset which was first to debut Lightning Network transactions on its mainnet at the end of April.
Having seen a spike to around $0.165 per coin at the time, prices then tailed off, suddenly racing back in recent days to hit almost $0.23.