Bitcoin Market analysis

Bitcoin Hits Highest Price since 2017

The Bitcoin party doesn’t seem like it’s about to slow down with the crypto-currency breaching into a higher high and touching the $12,000 mark before retracing just slightly.

At 21:00 UTC on the 25th of June, the cryptocurrency broke from the brief 11 hour plateau to breach to its new high, much to the delight of market watchers. The price had been stuck at around $11,400 for around 11 hours straight. It also a worthy mention that Bitcoin broke through and crossed above 60 percent market dominance for the first time in over 17 months.

According to data provider CoinMarketCap, the Bitcoin dominance index shows that Bitcoin continues to move North at a time when investor confidence and broader market confidence is yet to regain the heights of 2 years ago. The now $350 Billion market is showing signs of a revival with every passing trading day.

The new breach northwards is fantastic news for Bitcoin bulls who continue to enjoy the 230 percent gains made from the beginning of the year. It’s not only the price of Bitcoin that went up, there was also a surge in the 24 hour trading volume of the cryptocurrency; with a reported $13.8 billion added overall in market cap according to data from CoinMarketCap.

The surge in prices maybe impressive for market watchers, but what’s even more impressive is the surge in market capitalization which now stands at $202.8 Billion. This surge has created daylight between Bitcoin and the Altcoins, since the current market capitalization of Bitcoin is almost $67.1 million more than the market capitalizations of all the other cryptocurrencies combined.

Though Bitcoin has pulled away from the rest of the pack in terms of price surge and market capitalization, it does not mean that the rest of the coins have not experienced significant growth. Highly ranked Altcoins such as NEO, Ethereum (ETH), and Ontology (ONT) have also showed decent gains, with gains of between 2 to 10 percent over the last 24 hours according to CoinMarketCap.

After Bitcoin’s epic price rally that has seen the World’s largest cryptocurrency by market capitalization hit peaks not reached over the last 17 months, market watchers are eager to see the next move for Bitcoin. The current $12,000 price peak signals a likely rally to its all-time 2017 high of $20,000. A number or reasons have been given for this surge towards $12,000; improved market sentiment, institutional adoption, and even Facebook’s proposed Libra cryptocurrency. What is clear though is that we are now in the Bull Run and the long anticipated crypto summer is now upon us.

Image Courtesy of Pexels

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