Bitcoin Hits $11k Less Than 24 Hours After Reaching $10k

Bitcoin (BTC) has managed to cross the $11,000 line for the first time since March 2018. As Bitcoin hits $11k, the leading cryptocurrency proves that it is in a bullish momentum and is the main topic on many best cryptocurrency news sites.

Right now, BTC is approaching ,000.
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However, while many believe that Bitcoin hits $11k confidently, the dominant cryptocurrency showed some signs of a correction and went down to $10,800 which is its current level.

Anyways, what is important is the fact that Bitcoin managed to approach $11,100 which is a gain of 13% in only 24 hours – going up from the $9,000 price levels and being featured in the latest cryptocurrency news.

As Bitcoin hits $11k, Ethereum (ETH) is also seeing a multi month high which is over $300. The 24 hour trend has been very important for all cryptocurrencies – and just like Bitcoin, the coming altcoin news showed a lot of gains, too. Speaking of, the current total cryptocurrency market cap is at $325 billion – a level that was not seen in more than a year.

One analyst and professional trader named Peter Brandt commented the “Bitcoin hits $11k” headlines and tweeted that the BTC price is currently taking aims at the $100,000 targets. In his tweet, Brandt noted that Bitcoin is on its fourth parabolic growth phase and is a market like no other, stating:

“Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”

While the Bitcoin price is very short of $11k, analysts are showing that the dominance levels of Bitcoin are also at new highs. As we speak, Bitcoin’s dominance is at 59% – a level that is very important for the cryptocurrency and the traders using, storing or trading with it.

In his tweet, Brandt also published a table which contains data about the growth of the Bitcoin price. As that data shows (in the image), BTC managed to increase its value by 9,765 times from October 2011 to December 2017. In other words, $1 worth of Bitcoin in 2011 was $9,765 worth of the same cryptocurrency six years later.

Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other. pic.twitter.com/wE4j3riMgI

— The Factor Report (@PeterLBrandt) June 22, 2019