Bitcoin price hit a 13-month high above 9,300 USD on Sunday. The cryptocurrency rose to 9,381 USD 1:55 a.m. ET, which is the highest price since May 10, 2018.
After the initial jump, the Bitcoin traders cashed out some of their gains and the price slipped to 9,272 USD at 3:30 a.m. ET, representing an increase of 6.7% for the day.
The daily trading volume is back over 20 billion USD as the 7.5% surge on the day lifts bitcoin to fresh highs. All concerns over the big correction appear to be dissipating as crypto markets are driven higher today. Traders on crypto twitter are speculating that the decisions from Binance and Bittrex to exclude US customers from certain altcoin markets may have driven them back into Bitcoin.
This does appear to be the case at the moment as Bitcoin dominance has increased to 57.3% from lows near 55% see on Friday, and it is the best performing crypto asset in the top twenty at the moment.
Looking forward, Bitcoin may rise further toward the next major resistance at 10,000 USD, as long-term technical studies are biased bullish. For instance, bitcoin’s 50- and 100-candle moving averages on the three-day chart look set to produce a bullish crossover – a sign of bull market momentum. Back in October 2015, the same cross marked the start of a long-term bull market.
Crypto market recap
The cryptocurrency market is coloured mostly in green with major altcoins gaining amid the appreciation of the Bitcoin. Following the recent increase, the total crypto market volume rose to 287.434 billion USD.
Ethereum and XRP added 4.1% and 3.5%, respectively, while Litecoin rose by 1.9%. However, on a seven-day basis, Litecoin is leading the top 10 cryptocurrencies with 18.29% gains followed by Bitcoin, which has appreciated by 17.20%.
Meanwhile, EOS is among the best performing top 10 cryptocurrency of the past 24 hours with 6.2% gains to 7.11 USD. The EOS gained more than 215% year-to-date from 2.57 USD on January 1.
Bitcoin Cash advanced by 3.4%, while Bitcoin SV added 1%.
Binance Coin was the only one cryptocurrency into the red, having a minimum decline of 0.34%.
Remarkable gains among Top 20 cryptocurrencies were achieved by IOTA and TEZOS, which added more than 4% each.
Bitcoin gained 47% during the US-China trade war
Bitcoin performs particularly better than traditional assets during the US-China trade war, according to Grayscale.
The US manager of digital assets noted that Bitcoin marks a growth of 47% for the period of May 5-31. The next best performing asset is the Japanese yen, which rose by 2.1%.
In addition, many assets recorded serious downturns due to the current trade dispute. The Nasdaq Composite index, for example, wiped out 8.7%, which was the worst performance of global stocks.
Grayscale also noted the depreciation of the Chinese yuan, which many consider the reason behind the Bitcoin bullish market in May.
“While the drawdown appears to be in its very early stages, Bitcoin is getting a jump before these risks are fully reflected in other asset prices”, commented Matthew Beck, Grayscale’s director of investments and research.
The findings capitalize on a trend that has seen bitcoin gain from geopolitical instability at various points this year. While admitting bitcoin is still young for a hedging asset, Grayscale nonetheless confirms belief in its future potential.
“While it is still very early in Bitcoin’s life cycle as an investable asset, we have identified evidence supporting the notion that it can serve as a hedge in a global liquidity crisis, particularly those that result in subsequent currency devaluations”, added Matthew Beck.