Bitcoin breaks above $7,000; Ethereum, Litecoin, Ripple also advance
Bitcoin advanced for a fourth day, exceeding $7,000 in its longest winning streak in more than a month, and with momentum indicators suggesting the rally has further to run.
The biggest cryptocurrency climbed as much as 4.7 percent on Tuesday to $7,035, the highest since Aug. 3, on course for the first close above its 50-day average since July, according to composite weekday prices on Bloomberg. Other cryptocurrencies were swept up in the move, with Ripple, Ethereum and Litecoin also advancing at least 3.5 percent.
In addition to breaking above the 50-day moving average, Divergence Analysis Inc.’s (DVAN) Buying and Selling Pressure indicator is also pointing higher.
The asset class has had a tough year, as 2017’s mania ended in a selloff for Bitcoin of as much as 70 percent from its record intraday high in December. Yet predictions of doom proved premature, and prices have consolidated above the $6,000 level.