Bitcoin has risen to 7.9 thousands of dollars

© RIA Novosti / Vladimir Astapkovich in fotobabbles. Archival photoBitcoin has risen to 7.9 thousands of dollars© RIA Novosti / Vladimir Astapkovich the image Bank

The price of bitcoin (bitcoin) on Tuesday increasing, the downward trend observed in recent months, the broken, according to trading data and analysts ‘ comments.

According to the website CoinMarketCap, calculate the average price across more than 20 exchanges, as of 09.03 GMT bitcoin price rose by 3.8% to 7,948 thousand dollars. On largest by volume cryptocurrency exchange Binance bitcoin grew in price on 3,53%, to 7,956 thousand dollars.

Other crypto-currencies unlike bitcoin’s cheaper: Ethereum reduced in price on 1,03%, to 463,05 dollar, the Ripple — on 2,59%, to 0,448 dollar, Bitcoin Cash — on 2,02%, to 805,44 dollar. According to CoinMarketCap, the market capitalization of cryptocurrencies is currently 290,1 billion dollars. The share of bitcoin accounts for approximately 47% of the total cryptocurrency market.

The bidding is affected by three factors, said to RIA Novosti Executive Director Zichain Sergey Kovtunenko. «First, the «natural» flow of the market participants, the medium for the purchase or sale of cryptocurrencies in large quantities; second, speculative flows of algorithmic traders and intraday traders; thirdly, compulsory purchase or sale of margin traders,» — said the expert. In his opinion, at the moment the deciding factor is the «natural» purchases of the cryptocurrency.

«Then, after breaking the technical level of 7,5 thousand dollars for bitcoin, algorithmic traders and other technically-oriented traders will tend to bring the course in technical buying before the next significant level in 8 thousand dollars. However, open positions in a short sale closing force in the framework of short-covering,» — said Kovtunenko.

He concludes that the upward movement may continue with the purpose of testing the level of 8 thousand dollars for bitcoin. If the dynamics of the course will continue to develop in a similar way, the trend in the increase rate will continue over this level — however, this requires at least a temporary end to speculative attacks. At least July above the June low, which is a sign of the upward movement, also noted the analyst.

Bitcoin has risen to 7.9 thousands of dollars© Integratiebeleid and bitcoin

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