Bitcoin price rises above $ 11,700 on Monday, without abandoning an attempt to recover the position lost during the July recession. Traders link the resumption of growth to increased political instability.
Over the past day, the BTC rate has increased by 9.5% and reached the highest level in the last three weeks. Growth started on August 1st, but on Monday became fast gain altitude, as a result which the price has already increased by $ 700 and at the time of publication is $ 11 720.
Many traders say that the current rally in the cryptocurrency and gold market is driven by falling confidence in central banks and fiat currencies. Fears are related to the intensification of the trade war between the United States and China, which continues to put pressure on the yuan. On Saturday, the Chinese currency fell hard, hit a ten-year low.
Investors are again optimistic about the near-term prospects for the price of bitcoin, how in a short period it will overcome resistance at levels 11 dollars 000 and $ 11 400. The next line is at $ 11. 900.
Against the backdrop of a positive closing of the week and political turmoil, the bulls received a strong impetus for further action..
Over the past 24 hours, the cryptocurrency market capitalization has increased by $ 20 billion. However, altcoins continue to lag behind the leader in terms of growth rates, as they were able to add mainly from 1% to 5%.
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During this period, Ether (ETH) rate rose 4.98% to $ 230, while XRP gained only 2.77% and is trading at $ 0.322. Bitcoin Cash (BCH), Litecoin (LTC) and EOS showed growth of 3.84%, 3.87% and 3.22% respectively.
In addition to public cryptocurrencies, the increasingly popular concept of private digital digital currencies. Besides the discussed Facebook project Libra, recently Walmart also filed a patent application for own stablecoin.
text: Ivan Malichenko, photo: portofranko, graphics: coinmarketcap
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