Bitcoin (BTC) Price Crosses $7,000, Becomes Best-Performing Asset in 2019 So Far
BTC prices boomed over the weekend, easily scaling the $7,000 level on a boost from dollar-based trading.
Bitcoin (BTC) went through another boom phase over the weekend, scaling the $7,000 level within hours. This extends the asset’s weekly gain to more than 23%, as BTC did not fulfill the prophecy of sinking back to the $4,000 level, and instead went for a more dramatic rally.
BTC once again showed that its biggest gains usually happen within days, and the most recent rally extended the yearly gains for BTC to above 70%. The leading coin has more than doubled its value since the lows in December 2018, when it sank to $3,200. This makes BTC the best-performing asset in 2019, in comparison to traditional assets such as stocks, bonds, real estate or other investments. However, BTC is also much more volatile, usually making its biggest yearly gains in a short, but dramatic rally.
What is different this time is that the BTC trading got a boost from fiat pairings with the US dollar. More than 15% of volumes are in pairings with the USD, while Tether (USDT) trading has receded to 65%, down from peaks above 85%. This trading profile may be showing a return of retail investors, as well as increased interest from US-based buyers.
The price for BTC is almost the same in the USD and USDT pairs, lacking the usual premium for Tether-based trading. Over the weekend, BTC trading volumes increased to an absolute record above $29 billion’s equivalent in 24 hours. This activity exceeds even the trading during the peak price period in December 2017, and reveals the evolved nature of cryptocurrency trading, with multiple exchanges and increasing activity.
The BTC price is at a premium only against the Brazilian real, on the Negocie Coins platform. BTC trades at $7,256 in the pairing with the BRL.
The BTC price rally also led to a spike in transactions, raising the fees to $1.62.
However, skeptics still see a scenario where BTC goes down for a complete reversal of last month’s gains.
BTC reached a peak on Sunday at $7,503.87, to retreat back to $7,034.56 as of 6:20 UTC on Monday. Now, the coin will have to show it can sustain the new levels, without a rapid sell-off, creating another “Bart Simpson” pattern.
Some see BTC continuing to $10,000 soon, based on the pattern of making rapid gains. In only a month, BTC managed to gain up from the $5,000 level, accelerating the gains since the beginning of May.
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.