Bitcoin prices rallied today, reaching their loftiest value since mid-November as the broader market pushed higher.
The digital currency climbed to $8,848.92 at roughly 1:15 p.m. EST, according to CoinDesk data.
At this point, the cryptocurrency was up 3.6% for the day, and was trading at its highest level since November 12th, additional CoinDesk figures reveal.
The digital asset has been following a broad, upward trend for the last several days, pushing higher after reaching a 2020 low of $6852.09 on January 3rd.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
When explaining bitcoin’s recent gains, analysts cited both technical and fundamental factors.
Christopher Brookins, founder and CIO at Valiendero Digital Assets, spoke to these developments.
“The sharp move is the confluence of uptick in fundamentals” and technicals, he stated.
“I think the bottom is firmly in,” said Brookins, pointing to the “strong uptick” in bitcoin’s hash rate and his analysis of the Hurst exponent, a momentum indicator that helps determine the strength of…
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