The latest cryptocurrency news today report signs of a good Monday, where we can see a new 2019 Bitcoin high which was established overnight. The new yearly high has placed BTC near the $9,000 mark within a couple of hours. The price of Bitcoin has climbed from $8,000 to $8,939 very shortly, surging by more than 11.7% against the US dollar.
The abrupt movement of the Bitcoin price follows the 100% year-to-date gains against the US dollar. For those of you who are unfamiliar with this, the new 2019 Bitcoin high is a result of a 136% rise in 2019 alone, and the current volume of BTC hovers at around $1.6 billion.
As many best cryptocurrency news sites report, the “real 10” volume, which calculates the real daily spot volume of Bitcoin by evaluating the volume on exchanges known to have verifiable volume (according to Bitwise Asset Management), is also rising and has multiplied by nearly seven-fold since March. This indicates that the new 2019 Bitcoin high is a result of massive interest in the asset class.
When it comes to the actual factors behind the new Bitcoin surge, the technical indicators show that the dominant cryptocurrency entered a bull market territory. According to the analyst Alex Kruger:
“$BTC now in bull market territory after an intraday blow-off top.
R: 7000, 8000
S: 6400, 6000Old levels not as valuable, hence why above 6400 only looking at round numbers as major resistance.
Hourly volume at Bitmex was the 2nd largest ever after Sep/5/18.”
$BTC now in bull market territory after an intraday blow-off top.
R: 7000, 8000
S: 6400, 6000Old levels not as valuable, hence why above 6400 only looking at round numbers as major resistance.
Hourly volume at Bitmex was the 2nd largest ever after Sep/5/18. pic.twitter.com/ANmIIDJVf1
— Alex Krüger (@krugermacro) May 11, 2019
This has led the Bitcoin price to recover to $7,000 on May 11. Since then and in only three weeks, we are seeing a new 2019 Bitcoin high in which the price of BTC has added nearly $2,000 and rose by 27% during this period.
As analysts show, the stunning recovery of Bitcoin can be mainly attributed to three factors which include:
- The bull market territory made the price rise from $3,000 to $7,000 which also raised momentum
- The volume on regulated platforms such as CME is surging, indicating a significant increase in institutional investors and their money
- The volume on exchanges and Google Trends popularity for the keyword “Bitcoin” as another factor behind the new 2019 Bitcoin high
Right now, Bitcoin looks stable despite its recent correction which placed it at $8,721 with a market cap of $1154.6 billion. In the coming altcoin news, there is a lot of positive momentum, too.
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