Bitcoin, the flagship cryptocurrency continues its price rally gaining more than 11% over the last 24 hours breaking previous year-to-date records that were only set a few days ago. The price of Bitcoin has rallied to yearly highs of $12,935 on the Luxemburg-based cryptocurrency exchange Bitstamp early Wednesday morning. The coin broke through the previous psychological resistance at $10,000 only four days ago and now it is aiming the $13,000 which is merely within arm-stretch. The coin has regressed since its latest rally and is currently trading at $12,560. The Coin has extended its market dominance to highs of 62% according to Coinmarketcap.
The last time Bitcoin was trading for this latest high was back in January 2018 on its way down during the onset of the yearlong bear market. In comparison, Bitcoin is now traded at twice the rate it did back at the beginning of 2018. According to Messari’s data, Bitcoin exchanges have reported as much as $30.99 billion traded over the last 24 hours. That is more than double the trade volumes from January 2018. The volume reported by Bitwise’s ‘Real 10’ exchanges is more modest at $3.37 billion. However, this figure only represents the volume reported by only 10 exchanges.
The altcoin market has seen varying reactions to the Bitcoin rally with several failing to keep up with the rally. Bitcoin is, in fact, the biggest gainer over the last 24 hours amongst the largest 20 digital assets as tracked by Coinmarketcap.
The closest second is NEO ranked at number 18 on the list. NEO saw about 10% gains in the last 24 hours adding to its yearly gains of 162% since the start of 2019. The price of Ethereum, the leading altcoin has risen by a little over 5.8% to yearly highs of $337 on Bitstamp. The rest of the altcoins on the top 20 list have posted positive gains in the range of 1-3%. Monero has posted the biggest loses of close to 10%, a considerable amount coming at the back of several negative news developments about the coin in the past few days.
Looking forward, Bitcoin could be prepping to obliterate the next resistance point at the $13,500 levels which if it breaks will be eying the previous all-time highs of $19,800 as the only remaining resistance levels before it sores to new record-setting highs.