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Bitcoin Reaches New 2019 High as Crypto Market Rallies

Bitcoin Leaves Its Flash Crash Behind, Moves past $8,000 Once Again

The average price of bitcoin was up by more than 8%, trading at around 8,670 USD. Earlier in the day, bitcoin had reached a remarkable 8,880 USD. Bitcoin also saw a trading volume in excess of 22 billion USD. Only stellar has dropped in the last week, while other major coins rallied by 1-11%.

Binance coin had the smallest gains of other top ten coins in market capitalization, yet had trade volume exceeding 600 million USD on Sunday. In addition, Binance has experienced a nearly 20% increase over the past week. Whereas Sunday ended in around a 2% increase.

Another top ten market capitalization coin, EOS increased by 6.67% over 24 hours on Sunday and has seen an increase of over 9% for the week. Whereas, Tether varied very little with just under 1% increase for the day and week, respectively. Litecoin was the best performer of other major coins and traded a volume of over 4.5 billion USD. The price of Litecoin closed at 112.80 USD. Some smaller capitalization coins showed even more impressive gains over the last 24 hours. For instance, maximize coin jumped by almost 39%. At pixel time, only 12 of the top 100 coins were in the red.

The total market capitalization skyrocketed to nearly 270 billion USD. This level of capitalization hasn’t been seen since last August.

Adoption

In comments to Bloomberg last Monday, David Tawil, president of crypto hedge fund ProChain Capital, suggested that the market is warming up from the previous ‘crypto winter.’ Tawil went on to state that there may still be another setback before we get down to fundamentals where speculators and frauds will no longer be an issue. He stressed the importance of crypto adoption, stating that more merchant acceptance of cryptocurrency encourages its adoption and use.

American telecommunication giant AT&T is the most recent major company to adopt cryptocurrency. AT&T has started to accept crypto payments and hopes are that other big companies will follow suit.

Forecast

Based on preliminary data gathered from twenty merchant service providers, over 32,000 BTC was spent, an increase of 47% over last year. However, bitcoin trading did take a hit in January, when the USD value of bitcoins received by merchant services dropped by 70%.

Co-founder of Coin Metrics, Nic Carter, says he has also found signs of increasing bitcoin implementation. In a recent tweet, @nic__carter posted a graph depicting the rise of addresses holding at least 0.1 BTC over the past decade. Carter is a provider of crypto asset market and network data.

Juan Villaverde, Leader of the Weiss Cryptocurrency Ratings team, indicates that the next bitcoin correction will be the best time to buy bitcoin since 2015.

Predictions vary. Many bitcoin traders claim that this crypto market rally will be much different from the last. However, investors need to know that cryptocurrency is a highly volatile asset that is likely to go through another boom and bust cycle in the near future.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.