Bitcoin's price has set a new record for 2019, 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, after being held beneath $8,250 for an extended period of time.
The move to fresh 2019 highs comes after the bitcoin price dropped to 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 the bitcoin price has again jumped by 22 percent, rising above $8,500 around 19:45 UTC on Sunday night and 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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.