Above $13K: Bitcoin’s Price Extends 2019 Gains to New 17-Month High

Bitcoin’s cost has rested 17-month highs in a U.S. trade hours with a pierce above $13,000.

CoinDesk’s Bitcoin Price Index is now trade during 13,020, a top turn seen given mid-January 2018, carrying surpassed a Asian event high of $12,919 during roughly 17:30 UTC.

With a arise above $13,000, bitcoin has taken a accumulative month-to-date gains to 50 percent and a cryptocurrency now looks set to record double-digit gains for a third true month. Further, BTC is on lane to finish aloft for a fifth true month – a longest monthly winning strain given April-June 2017.

Also, a double-digit cost benefit seen in a final 24 hours is accompanied by a record $33 billion trade volume opposite cryptocurrency exchanges, according to information source CoinMarketCap.

Bitcoin’s new arise looks tolerable with a prevalence rate hovering during 18-month highs above 61.5%. The dominance rate is an indicator that marks a percent of a sum cryptocurrency marketplace capitalization contributed by a heading cryptocurrency.

A cost arise accompanied by a swell in a prevalence rate indicates a income is being poured into a bitcoin marketplace for a prolonged transport and not merely to account purchases of inexpensive choice cryptocurrencies.

That is also clear from a pointy waste in altcoins’ BTC-denominated sell rates. For instance, names like XRP, bitcoin cash, EOS, binance silver and other vital altcoins are now down 10-33 percent on a seven-day basis.

Litecoin, that is scheduled to bear mining prerogative halving in August, is also down 27 percent on a weekly basis.

Disclosure: The author binds no cryptocurrency during a time of writing

Climber image via CoinDesk archives; charts by TradingView