Exactly one month after Bitcoin surged by over 20% to record a new price high for the year, the world’s most popular cryptocurrency enjoyed yet another unexpected rally today to breach USD 5,800 in some markets to record a new 2019 high in price.
In less than 12 hours, Bitcoin rode through several important resistance lines from around USD 5,300 at yesterday’s close, reaching as high as USD 5,854 (CoinMarketCap) in Asian trading hours before settling down at the time of writing to USD 5,715, in afternoon European markets, just before North American markets open.
Along with Bitcoin, the entire top 20 in market capitalization also enjoyed huge gains save IOTA (which lost below 1% of its value), with all the other coins also recording significant climbs for the 7-day range. Bitcoin was among the largest winners, recording around 7% gains in the past 24 hours, although altcoins like Litecoin and Cosmos managed to outperform Bitcoin at 8% and 10% respectively.
There are no solid theories on what happened today, although most analysts believe that the momentum has been showing for a while, regardless of industry news. Yesterday, Intercontinental Exchange Inc, the owner of institutional crypto trading platform Bakkt, told Reuters that it took advantage of the bear market to buy crypto assets at a discount.
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