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February 19 2018

Bitcoin bubble balloons to $11,000

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The price of the No. 1 cryptocurrency rose on Monday to trade in the vicinity of $11,000.

Bitcoin BTCUSD, +1.72%  was up 5.1% in recent action at $10,912.37, tapping a session high so far of $11,042.67, according to CoinDesk. Bitcoin touched $11,221.73 on Saturday before pulling back. Bitcoin hasn’t really maintained the $11,000 level since January.

Tracking equities, which have been recovering from a meltdown earlier this month, bitcoin has gained about 22% the last seven sessions. While U.S. stock markets will close Monday for the Presidents Day holiday, bitcoin and cryptocurrency trading doesn’t pause even for weekends.

Elsewhere in the cryptocurrency universe, Bitcoin Cash is up 3.1% to $1,547.22. Ether is up 2.8% at $951.19, and Litecoin is up nearly 4% to $225, according to research and news site CoinDesk.

“We see the case for Bitcoin to continue to surge in the short term, however, [we] remain quite hesitant to call for a rally,” said Peter Iosif, senior research analyst at IronFX Global. Bitcoin remains down around 23% on a year-to-date basis.“

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