After growing concerns regarding a further dip in the value of Bitcoin, the cryptocurrency showed a positive upward trend by moving past the $6,500 mark earlier today.

After having stayed below $6,000 for the past couple of days, Bitcoin showed a sudden value spike which has been attributed to a short trade surge that took place around 22:30 UTC.

During the aforementioned timeframe, the price of Bitcoin rose swiftly, crossing the $6,100, and $6,200 marks in quick succession. The currency then ultimately peaked at a relative high of $6,502 before receding and stopping at just over $6,400 on Saturday morning.   

As things currently stand, BTC possesses a total market cap of more than $106 billion. This figure means that the crypto powerhouse has seen a cap increase of more than 5% within the span of just 24 hours. Even more noticeable is the fact that this latest rally has brought BTCs weekly chart into the positive territory once again— with the currency now up 1.18% over the course of the last 7 days.

The Takeaway

After having witnessed a rough showing throughout the whole of 2018, the total cryptocurrency market cap currently lies around the $249.3 billion mark— this is after the market had stooped as low as $232 billion on Friday.

While a clear trigger for the latest price rally has not yet been determined, the recent easing of ETF regulations by the US SEC might have had some role to play in the matter.

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