Bitcoin Price Hits Highest Level Since August 2018 Above $7,500
The price of Bitcoin rose above $7,500 Sunday for the first time in over nine months, the move marked a resurgence in the crypto market at large.
The world’s biggest cryptocurrency by market capitalization, which accounts for more than half of all the total cryptocurrency market, jumped to $7,577 at 13:36 GMT – the highest price since August 2, 2018.
The increase, however, seems to have slightly cooled a little , with the price currently trading at $7,100, suggesting the market considered the asset overbought.
The increase to a nine-month highs has come a day after the last remnants of bearish sentiment were snuffed out, and the trend appeared to switch to a long-term bull market. Notably, the price rally was also follwed by a surge in 24-hour trading volumes to a record high of $29.33 billion, according to data from CoinMarketCap.
However, its “Real 10” volume – a metric that takes into account trading volume from exchanges reporting honest volume figures as identified in a report by Bitwise Asset Management – currently stands at $1.87 billion .
Further more, bitcoin’s dominance rate, a measure of its market share versus that of other cryptocurrencies, has hit a 17-month high of 59 percent, indicating the wider market has lagged the recent bitcoin price rally.
But bitcoin’s dominance might drop in the forth coming days, as the alternative cryptocurrencies are beginning to rise, with the likes of bitcoin cash, tezos and bitcoin gold flashing double figures gains at press time.
Meanwhile, other highly ranked cryptocurrencies like litecoin, EOS, XRP, and Binance coin have also gained 6 to 9 percent each on a 24-hour basis, according to CoinMarketCap.
What’s more, the total market capitalization has risen to a six-month high of $219 billion, while the market capitalization of altcoins has witnessed a flag breakout – a bullish continuation pattern – indicating better days ahead for the alternative cryptocurrencies in general.