Bitcoin Price Surges Past $12,800 to Reach Highest Level Since January 2018

Siamak Masnavi

According to CryptoCompare, at around 05:10 UTC on Wednesday (June 26), the Bitcoin (BTC) price reached $12,829, a level not seen since January 2018.

In the span of eight hours—between 21:10 UTC on June 25 and 05:10 UTC on June 26—Bitcoin's price went from $11,369 to $12,829, for an increase of 12.84%.

However, at press time (06:22 UTC on June 26), BTC is trading around $12,555, up 10.73% in the past 24-hour period, as can be seen in the 24-hour price chart shown below:

Fancy 24 Hour BTC Price Chart for 26 June 2019.png

Currently, the total reported market cap for all coins/tokens is $341.94 billion, while Bitcoin's market cap is $222.93 billion, which means that Bitcoin is enjoying a dominance rate of 65.2%.

Although Bitcoin's price is still down 38% from the all-time high (ATH) it reached in December 2017, it's year-to-date return on investment (ROI) is a very impressive 238.82%.

As for how the altcoins are doing, here are the current prices for some of the leading altcoins:

Fancy 24 Hour Altcoins Chart for 26 June 2019.png

So, what are the reasons for Bitcoin setting yet another new high for 2019?

In our 22 June 2019 article (titled "Bitcoin Cruises Past $11000, but Where Is It Going?"), we mentioned Facebook's Unveiling of project Libra and the Fear of Missing Out (FOMO) as two of the factors driving up the price of Bitcoin, as well as a few other positive catalysts (such as the next Bitcoin block reward halving, which is expected to take place around 21 May 2020) that could help push the price of Bitcoin to a new ATH.

Yesterday, a major piece of good news arrived in the form of an announcement by the U.S. Commodity Futures Trading Commission (CFTC) that it had approved LedgerX's application for a Designated Contract Market (DCM) license, which means that LedgerX can now offer physically settled Bitcoin futures contracts to both retail and institutional clients.

As for what the top crypto analysts and traders think about the price of Bitcoin reaching almost $13,000 in this latest price rally, here are a couple of reactions:

 

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