Bitcoin Reaches Five-Week High, Rising Up 7%

By market cap, the most valuable cryptocurrency in the world is Bitcoin (BTC), which has increased 7% in the last day to reach $23,369.

Bitcoin (BTC) is still trading at levels last seen on June 13th, even though this is a small drop from the early-morning Wednesday daily high of $23,759.

The leading cryptocurrency is also up 17% in the previous week, with the most recent price movement occurring amid rising trade volumes.

On Tuesday, up to $48.7 billion in Bitcoin (BTC) were traded across crypto exchanges, with the value rising to more than $47.3 billion in the last 24 hours.

In contrast, daily trade volumes were at their lowest point since the year began at the beginning of the month, at barely $16.3 billion.

The bullish breakout occurs when cautious optimism slowly returns to international markets. July 12 saw a strong increase in the price of U.S. equities as additional businesses, such as toy-maker Hasbro, pharmaceutical behemoth Johnson & Johnson, and oilfield services company Halliburton topped earnings expectations.

Shares of companies focused on cryptocurrencies also increased on July 12, with MicroStrategy climbing more than 18% to $267.17 and Coinbase rising 12.2% to $65.83. Other prominent gainers in the cryptocurrency market are the meme coins Dogecoin (DOGE) and Shiba Inu (SHIB), which have had daily gains of 13% and 11%, respectively.

Ethereum’s (ETH) recent run that sent the price of the second-largest cryptocurrency above $1,600 on Tuesday has since cooled down, and it is currently trading at $1,531, down 0.04 % on the day.