Though it is hard to ascertain what motivated the recent spike in its price, there has been a two-fold growth in trading volume compared to last day as it reached a three month high
After sinking to the lowest of 2018 on June 24, bitcoin gained about $1600 in last one month and is trading at a striking distance of $7,500. In last week alone, the cryptocurrency has seen a surge of over 20%.
At the time of writing the report, bitcoin was exchanging hands at $7,449. In day-to-day terms, the cryptocurrency has surged over 10% in last 24-hours, according to CoinMarketCap, a market tracking portal.
The market capitalisation of the cryptocurrency also appreciated to $127 billion which had once dropped below $100 billion.
Though it is hard to ascertain what motivated the recent spike in its price, there has been a two-fold growth in trading volume compared to last day as it reached a three month high.
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As usual, other major cryptocurrencies mirror the trend of bitcoin and have an almost identical graph for last 24 hours.
Ethereum, XRP, bitcoin cash and EOS each registered above 6% growth in last 24 hours. The largest growth was seen in little known Stratis, Wanchain and ZenCash which grew over 21% in the last 24-hours.
In Rupees terms, bitcoin has surged about 9% in 24-hour trade. Bitcoin cash and EOS was 11% above its Rupees price previous day, according to Koinex.
The surge at Indian exchanges which follow the global trend is despite the difficulty Indian traders are facing due to RBI diktat which barred banking entities to do any business with cryptocurrency firms.