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Resurgent bitcoin pushing toward all-time high after last week’s stumble

Resurgent bitcoin pushing toward all-time high after last week’s stumble
The world’s top cryptocurrency, bitcoin, is recovering after last week’s sharp losses. Bitcoin is up over two percent and was trading above $18,500 on Monday, inching closer to its all-time high of nearly $20,000.

The fresh rally comes after the cryptocurrency tumbled on Thursday, falling as low as $16,200. However, bitcoin added 15 percent over the past four days, reaching almost $18,700 earlier on Monday. Its 24-hour trading volume stood at $24.8 billion.

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Analysts say that the latest movements signal bitcoin has finished correcting. Prior to last week’s slump, bitcoin saw a monster rally that pushed its price to an almost three-year high. It fell short of reaching an all-time peak and started to sink shortly after breaking past the $19,000 threshold for the first time since December 2017.

Most of the other top 10 cryptocurrencies by market cap, which usually follow bitcoin’s trend, were also up on Monday. Ripple’s XRP and Tether were the only ones trading lower, losing 1.7 percent and around half a percent, respectively.

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