21 Jun 2019 Samantha McLauren
Bitcoin Surpasses The $9700 Line; Other Cryptocurrencies Follow The Trend
Bitcoin's price has recorded another new high for 2019, reaching $9,780.51, as of press time. Is Bitcoin going to jump over $10,000 soon?
The global cryptocurrency leader based on market capitalization and price, underwent an upward shift in value after a month of a constant low-paced price rise and resistance at $9400. Passing above the resistances at $9,500 and $9,700 put fresh cash into the cryptocurrency market, as the daily volumes for the past 24 hours reached $1,835,166,748.79
The transition to the new 2019 highs comes after Bitcoin lost grounds and reached around $8,919 on 18th June. This was then followed by an increased interest from buyers, driving Bitcoin's price above $9,000 shortly after the drop.
Bitcoin's price bounced back down by 4 percent, shortly after surpassing $9,400 around 18:28 UTC on Thursday. The bounce drove a new wave of buyers, pushing Bitcoin's price to $9,500.90 within several minutes.
Тhe upward rally was followed by a massive increase in the 24-hour trading volumes, as Bitcoin added $1.9 billion in its daily chart, Cryptobrowser data shows.
In the meantime, the altcoin market followed the trend, with some of the currencies seeing double-digit increases in price. Bitcoin's runner-up, Ethereum, records an 8,4-percent rise, trading at $290,37 as of press time. Ripple gained four percent at its price, trading at $0.4431. Looking at the 3-month charts, Ripple is close to eliminating the consequences from the price drop from the beginning of this month.
Likewise, the total market capitalization reached a high of $310,1 billion – a value not seen since July 31, 2018. Despite altcoins receiving a big bonus from Bitcoin's upwards rally, Bitcoin's dominance over the market remains at 55%, showing market consistency.
Is Bitcoin ready for $10,000? If the market establishes strong support at $9800, experts are sure that Bitcoin's price would attempt to break over the barrier of $10,000. Trading volumes from the past week also support the statement of surpassing the $10,000 per 1 BTC.
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