in , ,

Bitcoin Price Hits New 2019 High Inching Closer to $10,000 ‘FOMO’

Bitcoin Price Hits New 2019 High Inching Closer to $10,000 ‘FOMO’

Bitcoin is exciting investors after BTC price is up almost 30% in a month and now just $200 of a key psychological barrier.

Bitcoin (BTC) set a new 2019 high on June 21, hitting $9,800 and firmly beating daily returns of almost all major cryptocurrencies.

Market visualization courtesy of Coin360

Data from Coin360 put BTC/USD trading at around $9,675 at press time Friday after a minor correction from earlier highs.

The performance further cements bitcoin’s bullish progress over the past three months, surprising investors once more after retaking the $9,000 mark this week.

Monthly (30-day) gains for bitcoin investors now stand at 26.5%.

Bitcoin 7-day price chart. Source: Coin360

Previously, commentators had begun forecasting a break to $10,000 would spark considerable demand among prospective buyers, who would then push the bitcoin price higher. They included serial bitcoin bull Tom Lee, who in a note to clients of his Fundstrat Global Advisors said 2019 could see BTC/USD reach as high as $40,000.

“In most markets, a ‘new high’ is needed to confirm a breakout[.] But with (bitcoin), when it trades at a price seen only 3% of its history, this has confirmed a new high imminent. This makes crypto different,” he tweeted Thursday as bitcoin passed $9,750.

“Currently $250 away from FOMO.”

Altcoin markets were slow to react to bitcoin’s latest advances. At press time, ethereum (ETH) had nonetheless managed to beat the largest cryptocurrency’s 24-hour returns, gaining 5.4% to hit $284.

The last time ETH/USD traded at that level was in September 2018, the pair coming full circle in around nine months in a pattern, which closely tracks bitcoin.

Ether 7-day price chart. Source: Coin360

Other altcoins in the top twenty by market cap fared less impressively. The exceptions were monero (XMR), which put in daily gains of 8% to reach $109, and binance coin (BNB), which rose 7.2% to achieve a new all-time high of $37.18.

The total cryptocurrency market cap now stands at just under $300 billion, its highest since July last year. Of that, bitcoin holds 57.7% market dominance – a new peak since December 2017, which BTC/USD set its historic high around $20,000.

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Firefox Zero-Day Flaw Was Used in Attacks Against Coinbase’s Employees

Recent Firefox Zero-Day Flaw Was Used in Attacks Against Coinbase’s Employees

Bitcoin Hash Rate Climbs to New Record High Boosting Network Security

Bitcoin Hash Rate Climbs to New Record High Boosting Network Security