• Bitcoin recently hit an intraday and two-month high of $18,287 during the Thursday morning Asian trading session.
• BTC has gained 10% over the past fortnight and is up 4.2% over the last 24 hours.
• Bitcoin has advanced for eight straight days, the longest such streak since July, according to Bloomberg.
Cryptocurrency markets are on the move as Bitcoin has topped $18,000 for the first time since early November. The asset reached an intraday and two-month high of $18,287 during the Thursday morning Asian trading session, representing a 10% gain over the past fortnight and a 4.2% increase over the last 24 hours. This marks the longest such streak since July, according to Bloomberg.
The streak is likely due to the market healing from the after-effects of the FTX collapse and the contagions that followed. Frank Cappelleri, the founder of CappThesis, commented that if Bitcoin’s long-term downtrend is to be broken any time soon, the asset needs to leverage this streak in a similar manner.
The previous two weeks have been relatively positive for cryptocurrencies in general. Ethereum rose to a new 2021 high of $1,683, according to CoinMarketCap, and the cryptocurrency’s total market capitalization is now at over $190 billion, pushing the total market cap of all cryptocurrencies to over $732 billion.
Still, the market remains volatile and could continue to be so in the near future. The market’s progress could be hindered by the recently announced ban on cash transactions over $10,000 in the United States, which could affect how cryptocurrencies are viewed and used by the public.
Despite this, the long-term outlook for cryptocurrency remains positive. If Bitcoin continues to break its long-term downtrend, the asset could continue to gain further traction, pushing the cryptocurrency market further into the mainstream.
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