The price of Bitcoin is breaking records every day. Today, June 26, we can see that Bitcoin jumps to new heights after it went past $12,600 in a new upward run which set a fresh yearly high. Many best cryptocurrency news sites are reporting about the parabolic growth of Bitcoin, which allowed BTC to clear the $12,000 mark without a problem after trading at $11,700 last night.
The jump from $11,700 to $12,600 (by around 11%) happened overnight. The bulls have been in control of the market, managing to add more than $20 new billions in it. As Bitcoin jumps to new highs, the total cryptocurrency market cap is at $362 billion. Bitcoin’s dominance, on the other hand, is with a new high at 61.8% which is the highest we have seen it over the past year.
That said, the leading coin’s share of the overall market has been increasing alongside the price of BTC, all while investors are betting on the tried and true cryptocurrency. According to the analyst Kevin Rooke, Bitcoin is up by 53% in the last 15 days. He compared BTC with the S&P index and its performance over the past 5 years, tweeting:
The S&P 500 is up 47% in the last 5 *years*
Bitcoin is up 53% in the last 15 *days*
🚀
— Kevin Rooke (@kerooke) June 25, 2019
The altcoin news also show a positive momentum – but not as big as the one Bitcoin has. What’s also interesting is the fact that while Bitcoin jumps to new (potentially $13,000) highs, there is a two-day Bitcoin 2019 conference happening in San Francisco. The event is featuring market leaders and billionaire investors and is definitely held at a great time, where a lot of excitement and positivity around the latest cryptocurrency news can be shared.
The CEO of ShapeShift Erik Voorhees is one of the speakers at the event. In the first day, he noted that “by far…bitcoin is doing most of the payments around the world of any crypto.” As the bitcoin price jumps and mainstream adoption grows, he believes the “the network will get congested and fees will go up.”
No one knows how Bitcoin will perform in the coming days and hours. However, many analysts predicted a bullish run to $20,000 which is more and more obvious as each day goes by. The only chance Bitcoin hits a new bottom and corrects is if a massive drop occurs.
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