The Bitcoin price (BTC/USD) has reclaimed the $10,000 level following a strong Monday performance supported by strong market activity.
Having experienced a modest increase during Sunday’s late trading, the original cryptocurrency spent the morning portion of yesterday’s session trying to maintain positive momentum. The digital coin managed to strengthen its position by topping the $9,800 level in late morning trading, but the real breakthrough happened during the afternoon session. The coin topped the $9,900 mark at around 15:00 BST and then used its newly found momentum to power through the key $10,000 barrier. The coin rose to as high as $10,396.59, before closing the session at $10,346.76. This was well above BTC’s opening level of $9,757.47.
Yesterday’s rally was supported by big increase in trading volume. Bitcoin posted a daily trading volume of $17.2 billion on Monday, well above the $11.4 billion it generated in each of the weekend sessions.
The digital currency has attempted to extend further in today’s morning session, but its advance has ultimately stalled. After rising to an eight-day high of $10,434.32 in the early hours of the session, the coin has pulled back towards the level of its Monday close. At the time of writing, the Bitcoin price was hovering around the $10,350 level, according to data from digital currency tracker Coinmarketcap.
While Bitcoin’s rise has been mirrored by the broader cryptocurrency market, BTC has outpaced its major crypto rivals. The coin has been the best performer in the crypto top 10 in the past 24 hours, with only Binance Coin (BNB) having been able to roughly match its gains of over 5%. As a result, the Bitcoin dominance, an indicator that tracks Bitcoin’s share of the total crypto market cap, has surpassed 70%.
In today’s trading, the Bitcoin price stood at $10,346.64, as of 10:26 BST. The digital currency has gained 5.8% in the past 24 hours. The coin’s total market capitalisation currently stands at $185.3 billion, which represents 70.1% of the combined value of all digital coins.
Featured image: Jaruwan Jaiyangyuen / Shutterstock.com
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