According to CryptoCompare, at around 05:10 UTC on Wednesday (June 26), the Bitcoin (BTC) price reached $12,829, a level not seen since January 2018.
In the span of eight hours—between 21:10 UTC on June 25 and 05:10 UTC on June 26—Bitcoin’s price went from $11,369 to $12,829, for an increase of 12.84%.
However, at press time (06:22 UTC on June 26), BTC is trading around $12,555, up 10.73% in the past 24-hour period, as can be seen in the 24-hour price chart shown below:
Currently, the total reported market cap for all coins/tokens is $341.94 billion, while Bitcoin’s market cap is $222.93 billion, which means that Bitcoin is enjoying a dominance rate of 65.2%.
Although Bitcoin’s price is still down 38% from the all-time high (ATH) it reached in December 2017, it’s year-to-date return on investment (ROI) is a very impressive 238.82%.
As for how the altcoins are doing, here are the current prices for some of the leading altcoins:
So, what are the reasons for Bitcoin setting yet another new high for 2019?
In our 22 June 2019 article (titled “Bitcoin Cruises Past $11000, but Where Is It Going?”), we mentioned Facebook’s Unveiling of project Libra and the Fear of Missing Out (FOMO) as two of the factors driving up the price of Bitcoin, as well as a few other positive catalysts (such as the next Bitcoin block reward halving, which is expected to take place around 21 May 2020) that could help push the price of Bitcoin to a new ATH.
Yesterday, a major piece of good news arrived in the form of an announcement by the U.S. Commodity Futures Trading Commission (CFTC) that it had approved LedgerX’s application for a Designated Contract Market (DCM) license, which means that LedgerX can now offer physically settled Bitcoin futures contracts to both retail and institutional clients.
As for what the top crypto analysts and traders think about the price of Bitcoin reaching almost $13,000 in this latest price rally, here are a couple of reactions:
Only 594,488 bitcoin will be mined before the halvening.
Do you think that leaves enough for you?
Think again.
CashApp is buying 10% of it for their users.
Grayscale is buying 21% of it for their investors.
Scarcity is kicking in.
— Rhythm (@Rhythmtrader) June 26, 2019
$BTC: Weekly chart looks so good
People can talk pullback all they want, but not much is stopping Bitcoin from ripping up to $13k+
After price passes $14,200 there isn't a lot standing in the way to new all-time highs
I'm not going to try to stand in front of a moving train pic.twitter.com/7JhoqwgXLG
— Josh Rager 📈 (@Josh_Rager) June 26, 2019
Featured Image Credit: Photo via Pexels.com
