The price of the biggest cryptocurrency has set a new high for 2019. Bitcoin broke out of a bullish pattern on the daily chart. At some point in the early hours of the Asian session, BTC rose to as high as $8,905 before retracing slightly. At around 19:00 UTC on May 26, Bitcoin broke from an ascending triangle pattern on the daily charts. The token had been held beneath $8,250 for several weeks.
The latest move to fresh 2019 highs came at a time when prices seemed to start creeping downwards. On May 17, Bitcoin slid to $6,600 before a large buying pressure pushed it back above $7,300 on the same day. Since that time, the price has soared by 22%. First, bitcoin rose past $8,500 on Sunday night. Then, it reached above the $8,700 level within half an hour.
Currently, bitcoin is trading at around $8,820 . Evidently, the price rally also featured a large uptick in the recorded 24-hour trading volume. On the overall, around $10.3 billion was added into the market. But, the ‘Real 10’ volume, a metric that features trading volumes from exchanges reporting honest figures as identified by Bitwise Asset Management, for now, stands at$3.1 billion. Those figures are reported according to Messari.io .
The General Market
On the other hand, the other highly ranked virtual tokens like XRP, EOS, litecoin (LTC), and Ether (ETH) have also gained. These altcoins gained between 6.8% and 10.8% each on a 24-hour basis. The total market capitalization is now hovering around $269.5 billion. The capitalization is at its highest since August 3, 2018. The market capitalization for the altcoins is up over $6 billion.
The surge in market capitalization shows that there is continued funding and investment for cryptos overall. Now, all eyes are firmly set on Bitcoin’s new target along the $9,650 resistance. That price was last seen 13 months ago on April 30, 2018. If that handle is crashed, it will signal a strong upward move beyond $10,000 psychological price tag could be imminent.
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The post Bitcoin Fires Into the Skies: Crypto Summer is Almost Here appeared first on FXTimes.com – Daily Cryptocurrency and FX News .
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