On Tuesday 17 of June, the rate of the first cryptocurrency finally overcame the psychologically important mark, jumping by $600 in just half an hour. Bitcoin (Bitcoin: BITCOIN) has surpassed the $ 7,000 barrier for the first time in more than a month and is still climbing on Wednesday 18. At the time of writing, the main cryptocurrency is seeing an increase of more than 10.77% during the last 24 hours, and stand at $7,425 according to the data provided by Coinmarketcap.
Brian Kelly, chief executive of the investment company BKCM, is convinced that the sudden rise in bitcoin is due to short positions, after exceeding the critical level of $6,800. “People were shorting against that and they just got their face ripped off," he said.
Following the positive trend set by the main cryptocurrency, almost all top-100 coins are currently trading in the green zone. Thus, all top-10 token by market capitalization, with the sole exception of Tether, are registering an increase of between 6% and 22%.