Bitcoin price rises to $ 8,700, setting a new 2019 high

What Is Bitcoin Doing? ($8700) | Crypto Market Update | June 15, 2019

Bitcoin price rises to $ 8,700, setting a new 2019 high

Bitcoin price set a new 2019 high of $ 8905 overnight, but as a result of further adjustments dropped to $ 8,700. Altcoins supported the leader’s initiative, adding 6-10%.

On May 26, at 22:00, the bitcoin rate began to grow rapidly, which increased by $ 600 in about an hour. After a short break, the bulls were able to raise the price by another $ 300, but the morning correction stopped the rapid ascent. At the time of writing, BTC is trading at $ 8,724 with a daily gain of 9.08%.

After two unsuccessful attempts to storm the $ 8,300 level and a sharp crash on May 23, when a major sell-off on Bitstamp the rate fell to $ 7300, traders again consolidated their efforts to continue the rally.

During the jump, the bulls broke through several resistance levels at once and opened the way to the storm of $ 9650. In case of successful taking of this mark, the bitcoin rate will exceed the maximum indicator in 24 months and approach the important psychological price of $ 10 thousand.

The increased activity was reflected in the improvement of market dynamics indicators. Over the past 24 hours, the total cryptocurrency market capitalization has increased by $ 19 billion to $ 269 billion, and the Bitcoin trade turnover by $ 10.3 billion.This confirms the growing interest of investors and the injection of capital into digital assets..

As usual, altcoins followed the movement of the leading cryptocurrency and added significantly in value as well. Ether (ETH) is up 7.5% to $ 267, while Ripple (XRP) is up 7.56% and is now trading at $ 0.411.

Despite the news of the reorganization of the bitcoin cash blockchain and double spending of 3,392 BCH, its value increased by 9.54% to $ 437. Litecoin (LTC) and EOS added 11.89% and 9.37% in price and reached $ 113.11 and $ 6.92 respectively.

As a reminder, Monero plans to switch to a new PoW algorithm that will make GPU mining ineffective..

text: Ivan Malichenko, photo: Shutterstock, charts: CoinMarketCap