Bitcoin Price Logs Two-Month High Above $10,000

Bitcoin's price crossed into five figures on Sunday to hit its highest level in nearly two months. However, it still lags Ethereum's ether token, which recently traded at 13-month highs.

Bitcoin rose to $10,135 at 10:05 UTC – a level last seen on June 2.
The biggest cryptocurrency by market value is trading near $9,970 at press time, representing a 4% gain on a 24-hour basis and 8% gains on a week-to-date basis.
"The DeFi-led surge in Ethereum’s ether token, the second-largest cryptocurrency, seems to have spilled over into the bitcoin market," said John Ng Pangilinan, managing partner at Singapore-based Signum Capital.
Ether’s price rose to a 13-month high of $319 early Friday and is currently trading at $310 – up over 9% on a 24-hour basis and 30% this week alone.
The token, which powers Ethereum’s blockchain, has gained 140% this year, leaving bitcoin, up 40% on a year-to-date basis, far behind.
Bitcoin is outshining gold, which has appreciated by 25% this year.
However, gold is trading close to its record high of $1,920 reached in 2011, while bitcoin is still down 50% from its lifetime high of $20,000 hit in December 2017.
The U.S. Federal Reserve's massive liquidity injections and the negative yield on the inflation-adjusted US bonds look to have powered gains in gold, an inflation-hedge.
Bitcoin, however, struggled to draw hedging bids over the past two months and was locked in the narrow range of $9,000 to $10,000.
Some investors expect bitcoin to chart stronger gains in the near future as the cryptocurrency has breached a bearish trendline falling from December 2017 and June 2019 highs.

CoinDesk - Unknown — Bitcoin weekly chart

DISCLOSURE

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

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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Omkar Godbole

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.