Bitcoin tops $8,000 as it hits highest since July 2018

Andrew Cummings
May 16, 2019

All of the top 20 cryptocurrencies by market cap are recording gains today, the top three performers of which include Binance Coin (BNB), BitcoinCash (BCH), and Dash (DASH) which reported 24-hour gains of 13.8, 12.6, and 12.6 percent, respectively, at time of writing.

Fundamental developments support the upside.

Bitcoin rallied past $8,000, extending its longest winning streak since 2013 while giving fresh momentum to a cryptocurrency market that crashed only previous year. Notably, Bitcoin's market share jumped to the highest level since September 2017.

Some analysts pointed out that bitcoin's rally coincided with the escalating trade war between the United States and China, which eroded overall market risk sentiment. Facebook, meanwhile, is building a crypto-based payment system.

"The largest crypto gathering in the world is going on right now, Consensys, and there's Bakkt announced their futures product is going to be up and running in July".

Digital currency experts have weighed in on reasons for the surge. The data further shows that a high of $7,946.01 has been reached during Monday trading.

While Bitcoin has more than doubled from its post-crash low, the crypto space is by no means free of headaches. Ownership is anonymous, pricing is not always unified through arbitrage, and reporting and regulation are nearly non-existent - though for the past year US futures authorities have disclosed net positions on American platforms.

And that's aside from the volatility - Bitcoin peaked above $19,000 in December 2017 before crashing back to earth in the succeeding months.

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