- Bitcoin’s price rose 4.66% to $63,190 over the past 24 hours, continuing its positive trend with a 6% gain over the past week.
- The trading volume and circulating supply of Bitcoin have decreased by 14% and 0.05% respectively over the past week.
- Bitcoin’s current market cap ranking is #1 at $1.25 trillion, with an estimated circulating supply of 19.74 million out of a maximum of 21 million.
Bitcoin’s price has seen significant gains recently. Over the past 24 hours, the price of Bitcoin (BTC) has risen 4.66% to $63,190. This continues a positive trend for the cryptocurrency over the past week, during which it has climbed 6.0% from $59,546.70 to its current level.
Recent Bitcoin Price Action
Looking at Bitcoin’s price charts shows the extent of the recent gains. Comparing the 24-hour and 1-week charts shows that volatility has remained high in both the short and longer term. The widening Bollinger Bands highlight the sizable price swings Bitcoin has experienced.
Over the past week, trading volume for Bitcoin has fallen 40% even as the circulating supply dipped 0.05%. There are currently 19.74 million BTC coins in circulation, representing 94.02% of the maximum supply of 21 million. Bitcoin’s market capitalization now stands at $1.25 trillion, keeping it ranked #1 overall.
What’s Behind the Surge?
It’s not entirely clear what’s driving Bitcoin’s latest jump higher. The cryptocurrency market remains notoriously volatile, with prices often moving significantly without a specific catalyst.
Some posit that Bitcoin has found technical support after holding above $60,000. Others believe short-term traders are jumping back into the market, providing a lift.
In the bigger picture, Bitcoin continues to gain mainstream acceptance. Major companies like Tesla now accept BTC for payments. Regulatory crackdowns around the world also appear to be easing, removing a potential headwind.
While nothing is guaranteed, Bitcoin seems to be regaining its upside momentum after a summer lull. However, with cryptocurrencies, big price swings in both directions can happen at any time. Traders and investors alike will be closely watching to see if BTC can build on these gains or if a pullback is imminent.
