Bitcoin firms after jumping back above $8,000

Bitcoin price rose in spot trading on Monday, to hold ground for the third straight day above the $8,000 barrier, as demand levels relatively improved, which is reflected in the rebound of Bitcoin's dominance over the crypto market from its lowest level in 2 and a half months.

At Bitstamp exchange, Bitcoin rose by 0.5% or $37 to $8,273, after it opened at $8,236, with an intraday nadir of $8,201.  

Bitcoin gained 3.5% yesterday, its second straight daily gain and the largest daily gain since October 9, as demand improved around $8,000.

The total market cap of cryptocurrencies rose less than $1 billion today, to around $223 billion, as Bitcoin maintained its gained and most other cryptos rose.

Bitcoin maintained its gains for the third straight day, as demand improved, which is reflected in the rebound of Bitcoin's dominance over the crypto market.

Bitcoin's dominance over the crypto market trading fell on Friday to 66% (lowest level since early August), but it recently rebounded and reached 66.7% on Monday.

The crypto market fundamentals have improved over the past few months, with many large organizations started to participate in the industry, and launched several major platforms such as Bakkt, but the continuous opposition to popular projects such as Facebook's Libra keep the market sentiment weak.

The German Finance Minister, Olaf Scholz, said at the IMF meeting that the allowing Facebook to establish its currency "Libra" is the responsibility of democratic countries.