Bitcoin Rises Above $8,000, Exits Correction Territory
Published Jun 12, 2019 02:03PM ET
Updated Jun 12, 2019 03:30PM ET
Investing.com -- Bitcoin moved out of correction territory on Wednesday after rising above the key $8,000 level.
Bitcoin rose 2.83% to $8,092, up from a low of $7,806. The rise above the key $8,000 level meant the crypto was down 9.4% from its most recent high. A correction is popularly defined as a decline of 10% or more from a recent high.
Following the move above the key price level, investor focus is likely to be on whether the popular crypto will be able to hold gains and mount another charge toward $9,000. Bitcoin hit $9,000 last week, but suffered an almost-immediate reversal.
For now, however, crypto watchers are seemingly creeping back into the market.
The total crypto market cap, often used to gauge demand, rose to about $261 billion from $253 billion a day earlier.
The new fund flows into the market boosted other cryptos. XRP added 1.53% to $0.39672, Ethereum rallied 5.07% to $255.57 and Litecoin gained 0.22% to $135.44.
But not everyone is convinced that the crypto market will continue to attract new funds in the market, warning investors not to trust the recent rally.
"(I don't see) too much external money coming into the (bitcoin and cryptocurrency) space," Tone Vays, a former financial analyst at U.S. banking giant JPMorgan, told bitcoin and cryptocurrency trade news site Cointelegraph in an interview this week.
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Written By: Investing.com
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