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    Home » Crypto News » July Marks Bitcoin’s 2nd Highest Monthly Close Ever After December 2017

    July Marks Bitcoin’s 2nd Highest Monthly Close Ever After December 2017

    Author: George Georgiev

    Last Updated Aug 1, 2020 @ 13:04

    Bitcoin continues its upward momentum, charting the highest monthly close since way back in December 2017 during the parabolic bull run.

    Bitcoin shows no signs of slowing down. After painting a fresh high for 2020, the cryptocurrency continued to push, reaching $11,745 on Binance.

    In any case, BTC is not the only cryptocurrency that’s ripping this week. Ethereum (ETH) is also making tides on its own.

    Bitcoin’s Highest Monthly Close Since Dec 2017

    There’s currently no doubt that the bulls are back, and Bitcoin’s price is feeling their presence. As CryptoPotato reported earlier today, the state of the market is currently parabolic, and the last couple of times this happened, Bitcoin’s value increased exponentially.

    In any case, the exciting thing about the current market situation is that Bitcoin has only recorded a monthly close above that of yesterday once – during the peak of the 2017 parabolic bull run in December.

    btcusd_monthly_high
    BTC/USD. 1M, Binance. Source: TradingVIew

    Still, it’s very important to remain vigilant. Even though the market is bullish, with steep increases, stiff corrections are also to be expected.

    ADVERTISEMENT

    From above, the very first continuation target of this move would be $11,800 – it’s a resistance that formed back in March 2018. Above that is the psychological level of $12,000.

    It appears that the current rally is heavily sustained by large accounts, increasing their accumulation. According to recent information, Bitcoin whales are accumulating over 50,000 BTC every month.

    More interestingly, though, in the latest release of the popular podcast The Joe Rogan Experience, Joe Rogan practically told his 200 million listeners to buy Bitcoin.

    I love it. I wish it was the way we exchanged currency, and maybe it will be in the future. Get on board.

    But it’s not just BTC that’s surging in price, large-cap altcoins follow suit.

    Ethereum Is On The Run

    Large-cap cryptocurrencies are also pushing forward in this latest rally. Ethereum, for instance, is 25% during the last seven days alone. The cryptocurrency is trading at the highest level since August 2018, and it shows no signs of slowing down as well.

    ethusd_chart_high
    ETH/USD. 1W, Binance. Source: TradingView

    Moreover, Ripple’s XRP has successfully reclaimed the third spot in terms of market capitalization and has charted gains of about 30% in the last week.

    The exciting thing about this latest rally is that while Bitcoin is charting massive gains, a lot of the altcoins follow suit, resulting in only 1% of the total market cap skewing in favor of BTC.

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    You Might Also Like:

    • bitcoin_dark_cover
      Bitcoin Could Register Second Highest Monthly Close in History: Peter Brandt
    • BitcoinRocket
      Analysis: Bitcoin Can Go 10x From Current Price If November Breaks Monthly ATH Close
    • bitcoin_surge_moon-min
      In December of 2017 Bitcoin Gained $1500 In 24 Hours, Will There Be a New ATH in 2020?
    Tags: Bitcoin (BTC) Price Ethereum (ETH) Price Ripple (XRP) Price
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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