Bitcoin (BTC) Breaks Above $11,000 on $1000 Flash Gain
BTC prices awakened late on Sunday, adding to the weekend rally, breaking away decisively from the $10,000 level.
Bitcoin (BTC) went through another quick growth spurt, once again returning to the pattern of weekend trading that adds hundreds of dollars to the price. BTC traded at $11,596.77 as of 7:77 UTC on Monday, hovering above the $11,500 range for hours.
Now, BTC once again dominates 67.7% of the entire market cap for all digital assets, despite the tentative improvement in altcoin prices. BTC trading volumes are also picking up, to above $19 billion’s equivalent in 24 hours.
The BTC market price ended July with some worrying bearish moves, but now, prices are getting close to a renewed bullish indicator. BTC is about to achieve a “golden cross” of the 50/200 day moving averages:
https://twitter.com/Yodaskk/status/1157978638505189376
This event may add to the improved mood and lift BTC once again closer to its peak 2019 prices. For now, BTC remains the only coin of interest, as altcoins have mostly stagnated or slid, with no one asset staging a significant rally. The current BTC rally is happening without a boost to Tether (USDT) supply, as the leading stablecoin still sees 4.026 billion in circulation. More than 67% of all BTC volumes are against USDT.
Bitcoin mining is also at near-peak levels, at 76EH/s, close to the absolute record above 78 EH/s. The renewed interest in mining in 2019 tracked the increasing BTC market price and added to the optimism.
Still, BTC remains highly unpredictable, and a move upward does not guarantee a rising trend. Currently, BTC trading is concentrated on Asian exchanges and liquidity is well-established. The conditions may allow trading active enough to boost the BTC price, at least in USDT terms.
The current rise may be based on optimism fueled by chart events, on top of more fundamental positives such as a newly lowered Fed interest rate at 2.25% and the expectation of the real launch for Bakkt futures.