Bitcoin Hits New 2019 High Above $8,900

0 58


Bitcoin’s price has once again set a new high for 2019 after breaking out from a bullish pattern on the daily chart, reaching as high as $8,905 before retracing slightly.

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

The move to fresh 2019 highs has come at a time when prices were beginning to creep to the downside, touching as low as $6,600 on May 17 before a large amount of buying pressure pushed prices back above $7,300 within the same day.

Since then prices have once again jumped by 22 percent, first rising above $8,500 on Sunday night in bullish fashion, then reaching over $8,700 within half an hour. It’s currently changing hands at $8,890 per CoinDesk’s price data. 

Notably, the price rally was also accompanied by a large uptick in the 24-hour trading volume, an increase of $10.3 billion was added overall, according to data from CoinMarketCap.

However, its “Real 10” volume – a metric that takes into account trading volume from exchanges reporting honest volume figures as identified in a report by Bitwise Asset Management – currently stands at $3.1 billion, according to Messari.io.

Meanwhile, other highly ranked cryptocurrencies like EOS, Ether (ETH), XRP, and litecoin (LTC) have gained between 5.3 to 5.8 percent each on a 24-hour basis, according to CoinMarketCap.

What’s more, the total market capitalization has risen to a high of $268.1 billion its highest point since August 3, 2018 while the market capitalization for altcoins is up $6 billion, a sign of continued funding and investment for cryptocurrencies overall.

Eyes are now firmly set on bitcoin’s new target along $9,650 resistance, last seen 13 months ago on April 30, 2018, signaling a very strong upward move beyond the $10,000 psychological price tag.

Disclosure: The author holds no cryptocurrency at the time of writing.

Bitcoin image via Shutterstock

You might also like

Pin It on Pinterest

Share This

Share this post with your friends!

WhatsApp chat