Bitcoin Price Smashes Past $12,700 Levels, Gives 40% Returns In Last One Week
It looks like there’s nothing to stop the Bitcoin price rally as of now. Having crossed $10,000 levels last Friday, June 21, Bitcoin (BTC) is making new highs daily.
On Tuesday, June 25, the Bitcoin price surged past $12,700 levels as per the charts on WorldCoinIndex. At the press time, Bitcoin is trading at a price of $12,661 with a market cap over $225 billion.
The seven-day chart of the BTC price movement shows that Bitcoin has moved from under $9200 levels all the way to hitting its new 2019 high. Note that this is for the first time since January 2018 that Bitcoin has climbed above $12,500 levels.
The world’s largest cryptocurrency was hit by a massive crypto winter in 2018 falling all the way close to $3000 levels earlier this year. However, since April 2019, Bitcoin reversed its trajectory upwards and in just within 3 months it has delivered nearly 250% returns to its investors.
With Tuesday’s price surge, Bitcoin continues to extend its dominance in the overall $350 billion crypto market. As the press time, Bitcoin grabs a 62% share of the overall cryptocurrency market.
The entry of big organizations into the crypto space has served as a big vote of confidence for the overall crypto market, with Bitcoin benefitting the most out of it. Moreover, financial giants like Fidelity and ICE are putting substantial efforts to bring institutional players in the crypto space by launching Bitcoin derivatives.
Besides, there are many other factors fueling the Bitcoin price rally at this moment. The ongoing trade tensions between the U.S. and China and the meltdown in Europe’s economy has caused many investors to park their money in crypto, especially Bitcoin.
Moreover, next year in mid-2020 Bitcoin is likely to undergo halving, an event scheduled every four years where the mining rewards reduce to half and the blockchain algorithm get tougher to crack and add new blocks to the network. Crypto ‘halving’ is usually seen as a catalyst to push the price of digital token higher.
Also, the derivatives marketplace CME Group recently tweeted on the massive surge in demand for Bitcoin Futures contracts indicating rising institutional interest. It said: “CME Bitcoin futures (BTC) shows growing signs of institutional interest. BTC open interest rose by a record 643 contracts in a single day, establishing a new all-time high of 5,311 contracts on June 17 (26,555 equivalent bitcoin; ~$250M notional).