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Cryptocurrency rally continues as Bitcoin price tops $7,500

Cryptocurrency rally continues as Bitcoin price tops $7,500

On May 12, 08:00 UTC, Bitcoin price has topped $7,500 for the first time this year, pushing up the entire crypto market to the new highs.

In the last 24 hours Bitcoin price surged by more than 10% and peaked at $7581.82 on Coinbase cryptocurrency exchange. BTC market capitalization alone has hit the new ATH of this year reaching $130B, while total marketcap is now above $213b, according to figures from Cryptolization.

btc-altcoin-market-capitalization-may-12-2019

Thus, in just a week, Bitcoin showed a yield of 30%, an indicator that investors have not seen since the 2017 bull rally. As Bitcoin continues to climb up, altcoins market also turned green. According to the data from Coinmarketcap, top 10 cryptocurrencies are up by nearly 5%. Most notably Ethereum, up by 5.95%, trading at $195.59, Bitcoin Cash, up by 17.63%, trading at $364.93 and Litecoin, up by 8.37%, trading at $90.81 price point.

altcoin-prices

Trading volumes are even more impressive. The total daily volume has reached $216 billion, of which 30,39% comes from Bitcoin, 13.24% from Ethereum and 6.35% Litecoin.

crypto-trading-volume-daily

Some investors believe that one of the main reasons why Bitcoin’s price is rising so sharply could a tense trade war between the United States and China. Investors are transfering their capital from falling stock markets into cryptocurrencies.

The crypto analysts’ community is divided; some are inclined to believe that the Bitcoin rally will continue others say that the parabolic growth of the Bitcoin price has topped out and BTC could be entering a major pullback phase, although as of yet there are no signs of reversal. Regardless of what the future holds, such a steady growth gives hope to investors who are tired of a long and exchausting crypto-winter.

If the relationship between the US and China continues to deteriorate, we may well see Bitcoin above $10,000 in the very near future.

BTC/USD chart by TradingView

Needless to say, such a rapid take-off can attract new investors to the market, who have left the market, after the collapse of 2017′ price rally. The influx of the new money pouring into the crypto market could addon to the trading activities and push the Bitcoin price even further.

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