A surge in bitcoin trading volume on Friday pushed prices back up above the $6,000 threshold and have the top coin trading in the green once again.
Current data from Coinmarketcap as at the time of press have BTC trading at $6,410, up more than 8% over the past 24-hour period. A similar trend dominates most of the top 100 altcoins as well with just a few exceptions.
BTC price had been languishing below the key level of $6,000 since Thursday when it breached the barrier.
A sudden spike in bitcoin trading volume at about 22:30 UTC unexpectedly pushed it as high as $6,300 within a short span of time.
The current BTC price is the highest the flagship digital currency has been since 25th June when the market took a turn for the worse.
Friday’s lows of $5,845 were its worst performance against the USD since October last year marking a drop of at least 70% from December price peaks.
However, analysts have been quick to point out that this is not its worst bear market in history. Between December 2013 and January 2015, during its first bear market ever, the coin lost 85% according to data from Coindesk.
However, given the amount of money that is currently invested in the flagship crypto coin, the loss of market value was bigger than ever.
At present, bitcoin has a market capitalization of $109.6 billion, up from around $101 billion 24 hours ago. Notably, the rally in bitcoin trading turned the tides on the coin’s weekly chart.
The crypto market as a whole has also recorded a significant improvement, recovering to $256.81 billion with a 24-hour trading volume of $14.29 billion.
Possible triggers for the bitcoin trading volume spike and the sudden bullish turn of the entire market are yet to be uncovered.