The steam has yet to run out for the Bitcoin bulls, with the valuation leaping by over 12% just two hours ago at 6:15 am UTC (CoinDesk) to record yet another 2019 high at USD 12,919 — and the appetite to surface above USD 13,000 seems to be gathering. Right now, at 8:40 am UTC, price seems very comfortable at USD 12,675.
Yesterday, the immediate aim for bulls was that price should not go below USD 11,000 for at least 24 hours, to indicate a persisting upswing in momentum. That has already happened, with the 24-hour low recorded at USD 11,071, but the news could not have been much better for long traders, who would not have expected a double digit growth so quickly to new highs.
British traders may not have been awake to see it, but those about to come onto the trading floors will now be very pleased to see that Bitcoin price needs only increase less than 1% today for them to celebrate a GBP 10,000 valuation.
There is little else to dampen the celebrations, with fundamental data like Bitcoin hashrate reaching another all-time high at 57 quintillion sha256 hashes second:
New Bitcoin hashrate ATH yesterday.
The network is now secured by more than 57 quintillion sha256 hashes every second. The magnitude of this is hard to grasp.
Never before has wealth been stored with such security. This drives BTC price. Which drives hashrate.
Bitcoin won. ?
— hodlonaut?⚡? (@hodlonaut) June 25, 2019
Interestingly, European and North American trading did very little to change the charts over the last day, with price trading for over 12 hours in a narrow USD 300 range between USD 11,100 and USD 11,400. It was when Asian trading resumed in mid week that the climb began, so this provides further confirmation of the demand in that part of the world, certainly from regions like Hong Kong where political protesters are actively seeking alternative money to prevent being spied upon.
The rest of the crypto market has yet to catch up with Bitcoin’s fiery trail. Ethereum is recording solid gains, also jumping to as high as USD 336 during the spike, but most others in the Top 20 by market capitalization seem to be faltering.
Image Courtesy: Pixabay