Bitcoin (BTC) Insanity, Price Attacks New Yearly Highs Above $12,000

BTC started on a series of thousand-dollar days, conquering the $12,000 tier as expectations of new all-time highs are renewed.

Bitcoin (BTC) added more than $1,300 overnight, steadily breaking a series of records for 2019. The fast appreciation of the coin convinced traders that a very fast bull market was underway.

BTC peaked at $12,867.79 as of 6:20 UTC on Wednesday. Later, the leading coin retreated toward the $12,600 range, still up more than 11% in a single day, a level of volatility not seen in months.

The entire market capitalization of BTC rose to above $223 billion’s equivalent. The BTC rally increased the market cap dominance to 61.9%, meaning BTC for now leaves altcoins behind. The market dominance is the most significant since 2017, and has recovered since the lows near 33%.

The most recent rally has set the trend for 2019, with expectations that BTC will be the strongest-growing asset for the rest of the year.

https://twitter.com/BinanceResearch/status/1143504782226681856

The spike in BTC prices arrived just a day after Bitfinex announced it would offer limited 100-fold leverage. But the price was already on a rampage, breaking the $11,000 barrier within a day. With the current rally, BTC promises to reach its yearly peak earlier this year. In the past, BTC has shown it can recover ground within days.

The turnover of USDT rose to 794% from recent lows around 550%, meaning each coin is more active within the trading ecosystem.

The current rally shows activity has moved to Asian exchanges, with the biggest gains happening during Southeast Asia business hours. But the self-enforcing price rally may continue, as new highs are attempted around the clock. This time, the rally happens on much higher liquidity and more active volumes in comparison to December 2017.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.