Bitcoin’s price has refreshed 17-month highs in the U.S. trading hours with a move above $13,000.
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
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.