Bitcoin Price Soars to $7,500 to Establish New 2019 High

News and Analysis

The price of Bitcoin is up more than 25% in the past few days having shortly jumped over $7,500 mark on Sunday, May 12. This is the highest level since early August 2018, with the flagship cryptocurrency setting a new multi-month high for the fifth day in a row now and having rallied for over 70 percent in the last six weeks.

Just yesterday, BTC broke the $7,000 mark on the back of the highest trading volume levels since the April 1st rally. Bitcoin’s market cap has also added $30 billion in value since the beginning of May, going over $130 billion earlier today.

By comparison, the combined market cap of all other cryptocurrencies has only risen by $10 billion during the same period of time. Standing by 59.3%, Bitcoin’s dominance rate is now the highest since its $20,000 all-time high price in late 2017.

Meanwhile Arthur Hayes, the CEO at BitMEX, the world’s leading exchange for trading cryptocurrency derivatives, revealed that the platform’s daily Bitcoin volume surpassed $10 billion on Sunday, which was quite remarkable taking into account that historically the market has demonstrated volume dips during weekends.

Even though Bitcoin was leading the rally, it is not the crypto posting the highest price hike in 2019.

Binance Coin [BNB], the native token of the largest cryptocurrency exchange, saw a surge in its price by a massive 292.25%, followed by Litecoin [LTC] with 217.86% from January 2019 till May 2019.

BNB faced the brunt of Binance recently getting hacked. The coin fell tremendously; however, it managed to recover and noted a surge by 9.77% over the past day. At press time, BNB was valued at $21.06 when compared to its price 0f $5.93 in January 2019.

Litecoin followed BNB’s suit and registered a growth of 217% from January 2019 to May 2019. In January 2019, LTC was valued at $30.39, changing hands at $87.75, at press time. In the past seven days, LTC grew by 18.78% and a massive 15% in the last 24 hours.

As for BTC, today’s surge seems to have slightly cooled off as well, with the largest cryptocurrency currently changing hands at around $7,100 – $7,200.

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