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

AccessTimeIconJun 26, 2019 at 4:31 p.m. UTC
Updated Sep 14, 2021 at 1:52 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

screen-shot-2019-06-26-at-12-25-22-pm

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

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.