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4 weeks ago

A new 2019 record for Bitcoin’s Price; Above $8,900.

Following the mostly red figures in the last trading week, the live update reflects Bitcoin all green along with other top digital assets. A new record for 2019 has been set by Bitcoin’s price when it reached as high as $8,905 the slightly retracted.

Bitcoin was held beneath $8,300 for an extended period of time but by 18.00 GMT of May 26, the world’s largest cryptocurrency by market capitalization broke from an ascending triangle pattern on the daily chart. This new high comes after the bitcoin price dropped so low to $6,600 on May 17 and the prices rose back above $7,300 within the same day due to a large amount of buying pressure.

The bitcoin price has since jumped by 22 percent, rising above $8,500 on Sunday night; it then reached over $8,700 within half an hour that night. Currently, bitcoin price stands at $8,890 according to Coinratecap’s price data. This resulted in a large uptick in the 24-hour trading volume; an increase of $10.3 billion was added overall. The “Real 10” volume stands currently at $3.1 billion –this metric takes into account trading volume from exchanges reporting honest volume figures as identified in a report by Bitwise Asset Management

Other highly ranked cryptocurrencies, as usual, have come to benefit from the bitcoin upward movement.  lEOS, Ether (ETH), XRP, and litecoin (LTC) have gained between 5.3 to 5.8 percent each on a 24-hour basis. In addition to the trading volume increase, the total market capitalization has risen to its highest point since August 3, 2018 - high of $268.1 billion.  And the market capitalization for altcoins is up $6 billion; this signifies overall continued funding and investment for cryptocurrencies.

Although there may have been predictions of a continuous slight dip before a huge shoot upwards based on the last decrease in price, bitcoin may have gone contrary to many expectations by the recent rise. The last seen high of $9650 in June last year that was nearing $10,000 is where expectations may be set at now as bitcoin is definitely capable of bullish signs.

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Credits-  Sebastian Sinclair

 

Anita O.

Lover of tech and blockchain.

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