Today, the crypto king hit a new year-high of $11,350. The price of bitcoin soared, hitting a new milestone that transcends the prior high witnessed on June 22 this year, $11,215.
This price surge comes after the price of bitcoin dropped, recording as low as $10,702 yesterday. The digital asset then accumulated roughly $346 on the same day, to trade back at over $11,121. Bitcoin’s price, later on, pumped, reaching $11,200, and surpassing this price to hit over $11,300 in record time.
24-Hr Volume Didn’t Move In Tandem With Bitcoin Price Surge?
It turns out that the astounding price surge was unaccompanied by some large volume levels. On the 22nd of June, the total volume stood at $98 billion but plunged to a current low of $66.7 billion.
Nevertheless, the total market cap has seen a new 11-month high, posting over $336 billion.
The Abysmal Performance Of Other Altcoins
Most altcoins today are recording little increase in prices. Only very few top 20 altcoins are in the red. At press time, Litecoin (LTC), Binance Coin (BNB), and Cosmos (ATOM) are the only top 20 altcoins experiencing slight drops. Ethereum is recording a +2.33% change, TRX a +3.26% change, and XRP a 2.62% change within a 24-hr timeframe.
The market capitalization of all altcoins in circulation currently stands at $135 billion over the 24-hr period, with Bitcoin’s dominance still rapidly increasing and almost at 60%, This means that cryptocurrency enthusiasts are more inclined to bitcoin as opposed to other altcoins.
As earlier reported, cryptocurrency analysts are positive that the bull run has already begun and Bitcoin is expected to record a new all-time high before the end of the year. This recent rally is, of course, another reminder to bitcoin cynics that the digital currency is unstoppable.