Bitcoin Still Above $11,000

Bitcoin

Bitcoin (BTC) reached a new all-time high yesterday but it seems today it has lost some of its momentum.

Yesterday, BTC hit a monumental all-time high of $11,858.70 at 20:24:12 UTC. The cryptocurrency is now trading at $11,418.70, down -3.15 percent in 24 hours but up 17 percent for the week. For the month, Bitcoin is up 55.7 percent and for the year, it is up 1378.6 percent.

Source: CoinMarketCap

As per the chart above, you can see Bitcoin has had a rather inconsistent week. On Wednesday of last week, Bitcoin and Ethereum both hit record highs simultaneously and the influx of users on two main cryptocurrency exchanges at that time completely shut them down. Both Coinbase and Gemini systems were not prepared for the amount of traffic they received that day and had to undergo system upgrades which temporarily locked out its users from the system. BTC’s price dropped -16 percent in just a matter of hours but quickly rebounded Friday.

With the upcoming Bitcoin futures set to launch on the Chicago Mercantile Exchange in exactly two weeks, BTC’s current price will most likely see a lot of volatility as the future for the futures is unknown.

Featured Image: Depositphotos/© spaxiax

Chelsea Roh is a freelance content writer living in Vancouver, BC. Her current focus is cryptocurrency, financial analysis and blockchain technology. In addition to content writing, she is an experienced Social Media Manager/Strategist. Before moving to Canada, she spent 10+ years marketing and working hands on in the medical practice industry.