Bitcoin Breaks Above $12,000
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Aug. 18, 2020
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The largest cryptocurrency by market cap has broken through the $12,000 mark for the first time in 12 months. At press time, bitcoin (EXANTE: Bitcoin) is trading at $12,262 (+3.73% per 24h).

Bitcoin Breaks Above $12,000
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Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has also surged up to $430.80 (+1.22%). XRP grew up by 5.61% and now is trading at $0.317.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

FxPro's team of analysts say:

"The trading volume on the bitcoin network increased by 44% overnight, which, combined with the price increase, warns of an increase in consumer interest. Bitcoin has already touched this level several times, but failed to gain a foothold here for a long time. At the moment, the rise in bitcoin coincides with the rise in precious metals and the stock market. Technically speaking, bitcoin is again in the overbought area, forcing looking out for the moment for a new correction."

The total cryptocurrency market capitalization is $384.3 billion, according to CoinMarketCap.

iHodl previously reported that the hashrate on the Bitcoin network set a new historical record at 129 TH/s, according to Blockchain.com.

The previous record was set on July 29, 2020, with 126.941 TH/s.

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The amount of computing power grew up by almost 45% just two and a half months after the May halving, which reduced mining reward from 12.5 BTC to 6.25 BTC per block.

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