Bitcoin price climbed more than 10% today after declining to a multi-month low

The Bitcoin price bounced back today, rising more than 10% in a few hours after falling to its lowest level in more than seven months. On the morning of this day, Bitcoin recorded a rise to $7,340.

Bitcoin price reversed skyrocketing

Bitcoin is in days of extreme volatility. After trading above the critical support of $7,000 for days in a row, Bitcoin dropped this Monday, to $6,800 and sometimes below $6,500. However, Bitcoin suddenly “revived” with an increase of more than 12% to $7,423.

bitcoin-price-climbed-more-than-10-today-after-declining-to-a-multi-month-low2

Source: TradingView

According to CoinMarketCap, in the last 24 hours, the volume of Bitcoin transactions soared to $31 billion, the capitalization was also pushed to $131 billion.

The Altcoins has recovered slightly

Not just Bitcoin, the other leading cryptocurrencies also have overgrown. ETH rose 8.8% to $132, helping the capitalization return above $14,000 after plummeting on Monday.

XRP increased 7.1% to $0.196, capitalization recorded at $8.5 billion, trading volume in the past 24 hours was $2.1 billion. BCH also increased by 7.7% to $190, bringing its capitalization to nearly $3.5 billion.

LTC increased by nearly 10% to $40.9, bringing the capitalization to $2.6 billion, trading volume in the past 24 hours is also quite high with more than $3.8 billion. Meanwhile, EOS has experienced a spectacular growth of over 12.5%, pushing its capitalization to $2.3 billion.

bitcoin-price-climbed-more-than-10-today-after-declining-to-a-multi-month-low

Source: Coin360

Some other cryptocurrencies like BNB and Bitcoin SV also saw a steady growth of 7% – 9%. Total market capitalization is currently at $193.7 billion, the trading volume also exceeds $100 billion, recording $103 billion.

The cryptocurrency market has faced deep downward pressure in recent days as China aggressively controlled this field. Recently, authorities have seized several pyramid scheme frauds with a profit of over 600% in June and by November, Shanghai authorities issued a statement calling for cleaning companies involved in cryptocurrency transactions.

Besides, the price of Bitcoin will continue to be under downward pressure because criminals who steal cryptocurrencies are actively selling Bitcoin for cash. Despite being cautious with cryptocurrency, China is advocating blockchain development.

According to experts, China’s push to develop Blockchain can help it take control of this new technology, in the absence of competition from other economies such as Europe and the US.

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