Bitcoin closed July at $ 11.4 thousand, the highest in the last 2.5 years.
At the end of the past month, the price of the leading cryptocurrency rose by 24%, which was a real relief for many traders after a 3% decline in June. According to Messari, close at $ 11 351 is the highest figure since November 2017, since all other periods of closure occurred below $ 11 thousand.
Bitcoin Rises 24% In July, Setting Maximum Peak Closing Since 2017
Positive market dynamics favorably influences investor sentiment and stimulates further growth. Analysts say coin supply on exchanges has reached its lowest level in the last 12 months, confirming the interest of participants in the long-term retention of the cryptocurrency..
At the time of publication, the BTC is trading at $ 11 650, having risen by 4.8% over the past day. Traders believe that the main reasons for the rapid growth are the weakening of the dollar and the ongoing economic recession amid the pandemic. In the short term, a further rise in the rate is expected up to $ 12.5 thousand.However, there is a risk of a cooling market and a rollback due to the switching of investors’ attention to altcoins.
text: Ivan Malichenko, photo: Shutterstock, graphic: Messari