- Bitcoin hits a new high at $11,200, last seen in March 2018
- BTC market capitalization ready to run through $200 billion,
- On the institutional side, open interest make an all-time high
- Altcoins surge with Ethereum following BTC the best
Bitcoin is showing no signs of stopping, none at all.
The June rally seems to be in full effect since Thursday when we started moving from $9,200. Yesterday was the day when we broke through $10,000, the FOMO level. From there, today we jumped to a new high that is $11,200. However, this new level is hard to pin down as the leading cryptocurrency is not staying at a place for long rather keeps on going higher and higher.
At the time of writing, Bitcoin has been trading at $11,163 with 24 hours gains of 10.19 percent.
Meanwhile, the world’s top cryptocurrency by market capitalization of $190 billion is currently managing the daily trading volume of $2.35 billion, per Messari’s Real 10, 24 hours volume and $24.8 billion according to Coinmarketcap.
BTC dominance is climbing as well reaching 59.4 percent, close to hitting the highest level form last bull run at 62.9 percent.
The crypto derivatives market is also gearing up towards a new high as we enter a new weekend.
It's another big week end session – saturday this time.
Bitmex xbtusd traded $7bln last 24h. pic.twitter.com/W4GcMwzbXW
— skew (@skew_markets) June 22, 2019
On the institutional side, things keep on getting better and better as Bitcoin futures total open interest on CME has reached an all-time high with ~ $273mln notional open.
Ethereum Following Bitcoin the Best
In tandem with Bitcoin, altcoins are also experiencing greens with Ethereum mirroring BTC the best. With 6.92 percent gains, Ethereum is the top cryptocurrency that is seeing the highest gains at $314.
The next 25 cryptocurrencies are up in the range of 1 to 5 percent with Dent leading by 25% gains.
Despite the bullish market, various altcoins are in the red with Solve down 11 percent. Grin, Vechain, Ziliqa, Nano, Steem, ICON, Tezos, Lisk, Waves, Enjin Coin, and BitTorrent are also in the red.
This has the total market cap climbing to $331 billion that was last recorded in early June 2018.
With the way Bitcoin is surging and $10k already broken through, it would be interesting to see where this rally will took a breather before going on yet another one.