Bitcoin (BTC) Price Slams A Thousand-Dollar Day to Cross $8,000
BTC price reawakened for a dramatic rally, repeating the pattern of late 2017 when “thousand-dollar days” led the price to its peak.
Bitcoin (BTC) broke above $8,000 just as the $7,000 barrier was crossed, going through another “thousand-dollar day” and reminding that for BTC, gains happen with extreme speed. Now, BTC dominates more than 59.3% of the entire market capitalization for all digital assets, although leading altcoins also received a boost from the rally.
BTC traded at $8,009.32 as of 6:30 UTC on Tuesday, avoiding the usual post-weekend sell-off, and staving off expectations the asset would crash back to the $6,000 range. Trading volumes peaked above $30 billion’s equivalent in 24 hours, after months of accumulation from lows of around $5 billion in 24 hours back in January.
BTC prices also marked a daily high at $8,047.41 on Monday, on volumes of above $27 billion in 24 hours. This unprecedented activity is based on increased liquidity on crypto-to-crypto exchanges, especially due to the influence of the Tether (USDT) stablecoin. But in the most recent rally, dollar-based trading has grown, from lows of around 11% to as high as 21%. USDT pairs still take up more than 65% of all BTC trades.
In an anomalous price pattern, the BTC dollar price is higher compared to the USDT price, while usually the valuations are flipped. Only a few days ago, the USDT price had a premium of around $300, but now, fiat seems to be flowing into the markets.
The recent BTC rally also spread to mainstream investment, by boosting the activity on the CME futures markets. Volumes reached a record, breaking April’s peak, as betting on the risk of BTC is seen as a potential risk hedge.
BTC also outperforms by a far stretch all traditional asset classes, especially after the recent rally. The coin is up around 90% this year, extending the gains. Still, BTC has a long way ahead to recover its peak prices above $19,600.
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