Bitcoin (BTC) Price Climbs to Yearly Peak Above $9,300
The BTC market price went through another weekend rally, easily regaining the $9,000 level.
Bitcoin (BTC) went through another rapid rally over the weekend, just days after some loss of optimism and a plunge below $8,000. BTC not only regained the $9,000 level, but marked another yearly high, briefly touching the daily peak at $9,335.87 on Sunday.
BTC now dominates 57.3% of the entire crypto market capitalization. On Monday, as of 6:05 UTC, BTC traded at $9,167.20. On BitMex, the leading coin went through a price anomaly, trading above $9,200.
The most recent rally has changed the trading profile of the leading coin. While in the past weeks BTC saw most of its activity on four leading exchanges - Bitfinex, Kraken, BitStamp and Coinbase, the recent rally moved to another array of markets.
Now, the price spike happened on a mass of crypto-only exchanges, including Binance, BitMex, CoinBene, OKEx and other niche markets, as per CryptoCompare. The BTC rally is happening across the board, though skeptics once again see the trigger in the Bitfinex activity. Still, as 2019 kept marking new highs for BTC, there is a renewed hope for a further price recovery.
The most recent BTC rally is happening as the inflows of Tether (USDT) are growing rapidly again. Only in the past week, more than 240 million new USDT boosted the total supply to above 3.48 billion coins. USDT supply has been growing slowly since February, rising from lows of 2 billion USDT at the end of 2018. The increased supply of USDT coincided with the BTC price climb from lows around $4,000.
The current rallies for BTC are seen as setting the pace for the coming months. Previous potential scenarios proposed included a stagnant price. But now, traders see the possibility for a scenario mimicking 2016 and 2017, sending BTC to a record high, followed by a deep correction.
The most recent BTC rally happened on volumes above $23 billion’s equivalent, and the most recent price appreciation saw volumes spike from lows of $5 billion to above $30 billion’s equivalent. The increased activity is sparking expectations of a more rapid price appreciation.
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.