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Bitcoin overcame the $7000 mark against Tom Lee's forecast of a "New Year rally"

Tom Lee Tom Lee - co-founder of Fundstrat

The price of Bitcoin, which has been floating for a long time between $ 6,400 and $ 6,700, has finally overcome the $ 7,000 mark. 

The reversal of the dynamics of the first cryptocurrency pulled the entire market - the total capitalization of digital assets at the time of publication is more than $ 229 billion.

So, Bitcoin broke through the resistance level of $ 6,700 and during the last hours confidently holds above $ 7,000 ($ 7020 at the time of publication). The last time the first cryptocurrency reached such a price on August 7 - not long before the series of falls. The rest of the coins do not lag behind - most of them are in the green zone. In particular, the market smiled at ETH and XRP, but MIOTA showed the best results among TOP-10 - its price increased by more than 15% in the last 24 hours.

If you look beyond the top ten, NEO grew by 9%, VeChain - by 13%, DASH - by 21%. At the same time, more than 80% of the cryptocurrencies in the TOP-100 have been in the green zone in the last 24 hours.

It is worth noting that the other day the well-known in the industry analyst Fundstrat Tom Lee made a forecast, according to which the price of Bitcoin can update the historical maximum at the end of 2018. Especially Lee noted the relationship between large hedge fund investments, emerging markets and the price of BTC. According to him, at present a lot points to the rapid growth of the Bitcoin rate.

The analyst noted that the switching of hedge funds between the "risk" and "not risk" regimes, as well as the price jumps in the stock markets, directly affect the price of Bitcoin.

"Until developing markets start to unfold, I think that in a sense this correlation will hold and tells us that the risk for this mentality is mostly that traders simply do not buy Bitcoin," Lee said.

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