Bitcoin (BTC/USD) has just crossed back above the $240 mark for the first time this month, extending its mini-winning streak to 6 days with a gain of 3.5%.
Today’s move can be psychologically significant for some traders in that the $240 mark represented the upper end of a tight trading range held for over a month. It is the highest point since May 24, and within striking distance of this quarter’s peak of $247.
The continued rise has sent bitcoin back above its 50-day moving average, now at $233, by a margin of 3%.
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The broader cryptocurrency market has also rallied. In dollar terms, all of the top 10 coins by market cap are trading higher today.
Litecoin (LTC/USD), continuing its advances from this past weekend, has again outpaced bitcoin’s gains. It shot as high as $2.29 on BTC-e during the last 6 hours, its highest level since late January.
The gain of 14.5% sent the LTC/BTC rate to 0.0095, matching its 2015 high and close to the 0.01 threshold breached during 2014’s disastrous decline.
In the past, litecoin’s magnification of bitcoin’s price action was typical during major market moves. While bitcoin’s recent moves are minor in comparison with its historical behavior, they are sizeable relative to its profile during the past two months.