Bitcoin Hits an all time high value

The cost of Bitcoin set a fresh record for 2019, reaching as high as $8,905 before mildly retracing.

At 19:00 UTC on May 26, the world’s largest market capitalization cryptocurrency broke from an upward triangle pattern on the daily chart after being held for an extended period of time below $8,250.

The move to fresh highs in 2019 comes after the price of bitcoin dropped to as low as $6,600 on May 17 before a large amount of buying pressure pushed back prices above $7,300 on the same day.

Since then, the cost of bitcoin has risen again by 22 percent, rising above $8,500 on Sunday night around 19:45 UTC and then reaching over $8,700 within half an hour. The hands are currently changing at $8,890 per the price data of CoinDesk.

Bitcoin Hits an all time high value

Notably, the price rally was also followed by a big rise in the 24-hour amount of trading, adding an general rise of $10.3 billion, according to CoinMarketCap information.

However, according to Messari.io, its “Real 10” volume–a measure that takes into account trading volume from exchanges reporting honest volume numbers as recognized in a Bitwise Asset Management study–is presently $3.1 billion.

Meanwhile, according to CoinMarketCap, other extremely ranked cryptocurrencies such as EOS, Ether (ETH), XRP, and litecoin (LTC) have earned between 5.3% to 5.8% each on a 24-hour basis.

Moreover, general market capitalization has increased to its largest level of $268.1 billion since August 3, 2018, while market capitalization for altcoins has risen to $6 billion, a sign of ongoing financing and general investment for cryptocurrencies.

Eyes are now strongly fixed on the fresh goal of bitcoin along with $9,650 resistance, last seen on April 30, 2018, 13 months earlier, indicating a very powerful upward movement beyond the $10,000 psychological price tag.

Source: coindesk

LEAVE A REPLY

Please enter your comment!
Please enter your name here