Above $13K: Bitcoin’s Price Extends 2019 Gains to New 17-Month High

Omkar Godbole
Jun 26, 2019 at 16:31 UTC
Updated Jun 26, 2019 at 16:37 UTC
markets

Bitcoin’s price has refreshed 17-month highs in the U.S. trading hours with a move above $13,000.

CoinDesk’s Bitcoin Price Index is currently trading at 13,020, the highest level seen since mid-January 2018, having surpassed the Asian session high of $12,919 at roughly 17:30 UTC.

With the rise above $13,000, bitcoin has taken the cumulative month-to-date gains to 50 percent and the cryptocurrency now looks set to log double-digit gains for the third straight month. Further, BTC is on track to end higher for the fifth straight month – the longest monthly winning streak since April-June 2017.

Also, the double-digit price gain seen in the last 24 hours is accompanied by a record $33 billion trading volume across cryptocurrency exchanges, according to data source CoinMarketCap.

Bitcoin’s recent rise looks sustainable with the dominance rate hovering at 18-month highs above 61.5%. The dominance rate is an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency.

A price rise accompanied by a surge in the dominance rate indicates the money is being poured into the bitcoin market for a long haul and not merely to fund purchases of cheap alternative cryptocurrencies.

That is also evident from the sharp losses in altcoins’ BTC-denominated exchange rates. For instance, names like XRP, bitcoin cash, EOS, binance coin and other major altcoins are currently down 10-33 percent on a seven-day basis.

Litecoin, which is scheduled to undergo mining reward halving in August, is also down 27 percent on a weekly basis.

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

Climber image via CoinDesk archives; charts by TradingView

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This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.