As the bitcoin price crossed over $12,000 USD for the first time this year on late June 25th, traders scarcely had time to notice before buy pressure pushed the genesis cryptocurrency’s valuation up more than $1,000 further in a matter of hours.
Indeed, within the first few minutes of June 26th, bitcoin was trading as high as $12,861, a price the bellwether cryptocurrency hovered near into Wednesday afternoon. At the time of this article’s writing, BTC had broken above $13,300, the coin having risen $1,800 over the previous 24 hours to give it an intraday gain of 16 percent.
It’s the latest surge for the cryptocurrency, which has been on nothing short of a tear in recent weeks. Bitcoin has gained $4,000 over the last month and roughly $9,000 over the last three months. The OG crypto is now up 107 percent on the year and down only 35 percent from its all-time high of $20,000, which was reached in late December 2017 at the peak of the cryptoeconomy’s last bull market.
Notably, with the market capitalization of BTC presently at $228.63 billion, the bitcoin dominance rate — the cryptocurrency’s share of the entire cryptoeconomy’s market cap — is over 60 percent for the first time since 2017.
When BTC Pops, Boy Can It Move
Fundstrat Global Advisors’s Tom Lee, one of Wall Street’s most vocal cryptocurrency analysts, noted back in April that bitcoin has tended to see its biggest price runs during short periods of time — namely within the span of 10 days on average.
That’s not to say that BTC only sees large uptrends during single 10-day lots in any given year. Rather, the dynamic indicates that when bitcoin starts to move up, it can move very fast in acute bursts.
For example, it took just over two weeks for the bitcoin price to spike from $10,000 to $20,000 during the 2017 bull run.
It remains to be seen if bitcoin can match that rise — and its speed — in the coming days, but such a trajectory is as conceivable as ever if the current marked uptrend is any indication and with mainstream attention starting to materialize around the cryptoeconomy once more.
Indeed, the bitcoin price first eclipsed $10,000 for the first time this year on June 21st, less than one week ago. It’s moved up considerably after that, and it may have further momentum yet. With the end of Q2 2019 closing in, BTC is now in the midst of its best-performing quarter since the cryptocurrency spiked up 230 percent in the fourth quarter of 2017.
Ethereum’s ETH Also Enjoying a Boon
Ether, the figurative fuel of the Ethereum network and the cryptoeconomy’s second-largest cryptocurrency by market cap, also enjoyed a considerable run on June 26th.
At the time of this article’s writing, ETH was trading over $355, rising $40 on the day to give the second most popular cryptocurrency an intraday gain of approximately 12 percent.
Notably, ETH is up 150 percent over the last three months, though it’s still down 24 percent on the year and down 76 percent from it’s all-time high of $1,431, a peak it reached in early January 2018. Over the last three years, however, ether is up a whopping 2,354 percent.
The price surge comes as the Ethereum community has been buzzing over numerous recent developments around their blockchain, perhaps most importantly the tentative plans to launch the “ETH 2.0” Beacon Chain on January 3rd, 2020.
There’s been plenty of other peripheral activity, too. For example, new DeFi possibilities like the PoolTogether “no loss” lottery have recently arrived, as well as plans for new layer-two scaling solutions like the Phonon Network (note: the network will also work with Bitcoin and later even more blockchains).
Moreover, only days ago cloud computing giant Cloudfare unveiled an Ethereum Gateway, which well let users interact with Ethereum without having to download software.