Bitcoin (BTC) has risen to new 2019 highs, continuing its advance after it broke above the $6,000 barrier on Thursday.
The original cryptocurrency spent the better part of yesterday’s session moving on an upward trajectory. The coin topped the $6,000 mark during the opening hours of the session and then continued to advance to secure a stable position above that level. The coin finished the session at $6,174.53, well above its opening level of $5,982.32.
BTC has managed to further extend its gains in today’s trading. Thanks to the continuing rally, the Bitcoin price rose to as high as $6,353.80 earlier in the session, which was its highest level since November 14. The coin has pulled back to slightly lower levels in more recent trading and is currently trading at around $6,300, according to data from digital currency tracker Coinmarketcap.
Renewed confidence
Over the past few day Bitcoin has managed to outperform the wider digital coin market by a significant margin. As a result, the Bitcoin dominance, a measure that tracks Bitcoin’s share of the overall crypto market cap, has risen to 58.1%, which is its highest level since December, 2017, Coinmarketcap data shows. According to industry website Coindesk, this signals that people are buying BTC for the long term, rather than to use it as means to acquire altcoins.
A number of positive factors have boosted investors’ confidence in the coin, allowing it to overcome some bad news, such as the theft of some 7,000 BTC from major crypto exchange Binance. In recent days, Facebook relaxed its policy on ads for blockchain and crypto-related content, while media reports suggested that the US social network giant could unveil its secretive crypto project as soon as next quarter. Prior to that, it was reported that Fidelity Investments planned to launch Bitcoin trading within a few weeks.
In today’s trading, the Bitcoin price stood at $6,300.05, as of 10:38 BST. The digital coin has gained 3.4% in the past 24 hours. Its total market cap currently stands at nearly $111.5 billion.
Featured image: Inked Pixels / Shutterstock.com
More Resources