Bitcoin hits two month high near $7,800
Cryptocurrency prices were broadly higher on Monday after a weekend of gains lifted the price of bitcoin to its highest level in two months.
Most of the top 10 cryptocurrencies by market capitalisation were higher, and bitcoin broke back through the $7,500 resistance level and peaked on Monday at $7,779.50, its highest since 23 May.
CoinDesk Markets took a market snapshot and was expecting a growing channel breakout, saying: “The four-hour close above the channel hurdle of $7,800 would signal a continuation rally from $6,838 and would allow for a move above $8,000.”
#Bitcoin EU 4hr Chart Snapshot
OUTLOOK: Eyes expanding channel breakout
4H close above channel hurdle of $7,800 would signal a continuation of rally from $6838 (inverse H&S breakout level) would allow a move above $8K. pic.twitter.com/O54ifGhYTE
— CoinDesk Markets (@CoinDeskMarkets) July 23, 2018
Another Twitter called Bitcoin $1M [#HODL] made an even bolder call: “Bitcoin up 20% in seven days. I think the 2018 bottom has been and gone.”
Only two of the top 10 cryptos were losing ground on Monday, iota and Stellar’s lumen. Last week, the lumen celebrated a string of optimistic news events that saw its seven-day share price rise by around 50%.
Among the Stellar newsflow was the possible inclusion of the lumen on the San Francisco-based Coinbase exchange and on Hong Kong’s KuCoin. Stellar also announced a number of blockchain projects, including hosting the new dollar-backed stablecoin Stronghold on its network.
It appeared, then, that on Monday investors were taking profits following Stellar’s star performance last week.
Here’s a round-up of where the top 10 cryptocurrencies were standing at 11.15am on Monday [London time]:
- Bitcoin was up 3.7% at $7,717
- Ethereum gained 0.4% to $465.57
- Ripple added 0.4% to $0.46
- Bitcoin cash climbed 3.2% to $819.69
- Eos rose 0.9% to $8.14
- Stellar’s lumen fell 1.7% to $0.30
- Litecoin climbed 1.3% to $84.62
- Cardano gained 3.5% to $0.17
- Iota lost 2% to $0.98
- Tether was unchanged at $1