When Bitcoin breached $12,000 USD for the first time this year late on June 25th, traders barely had the chance to react before intense buying pressure rapidly drove its value up over $1,000 more in mere hours.
By the early hours of June 26th, Bitcoin was trading at an impressive $12,861, sticking close to this benchmark through Wednesday afternoon as we report. BTC had broken above $13,300 Bitcoin has surged beyond $13,300, seeing a rise of $1,800 within just 24 hours, marking a remarkable 16 percent gain for the day.
It’s the latest surge This surge comes after a period of significant momentum for Bitcoin. Over the last month, Bitcoin has climbed $4,000, and over the last three months, it has increased by roughly $9,000. From the start of the year, the original crypto has soared 107 percent, and it's now only 35 percent below its all-time high of $20,000, achieved in late December 2017 during the peak of the last crypto bull market.
With Bitcoin's market cap now at $228.63 billion, its dominance rate, representing its share of the entire cryptoeconomy, has surpassed 60 percent for the first time since 2017.
When BTC Pops, Boy Can It Move
Tom Lee, a prominent cryptocurrency analyst from Fundstrat Global Advisors, noted back in April observes that Bitcoin tends to experience its largest price surges in short windows of time, typically within 10-day spans.
This isn't to say BTC exclusively sees big uptrends only in isolated 10-day periods each year. The data suggests that when Bitcoin begins a climb, it often does so in rapid, sharp movements.
An illustrative example: during the 2017 bull run, Bitcoin's price doubled from $10,000 to $20,000 in a little over two weeks.
Whether Bitcoin can repeat a similar performance — both in terms of increase and pace — soon remains to be seen. However, if the current upward trend is any indication and as wider attention turns back towards cryptocurrency, such a scenario is certainly plausible.
Indeed, Bitcoin first crossed the $10,000 mark on June 21st this year, less than a week ago. Since then, it's gained even more ground, with potential momentum still to come. As the second quarter of 2019 wraps up, Bitcoin is reaching its highest levels since best-performing quarter the cryptocurrency shot up 230 percent in the fourth quarter of 2017.
Ethereum’s ETH Also Enjoying a Boon
Ethereum—considered the fuel of the Ethereum network and the second-largest cryptocurrency by market capitalization—also had a significant gain on June 26th.
As we write this, ETH was trading over $355 Ethereum has risen by $40 in one day, giving the second-most popular crypto an intraday gain of approximately 12 percent.
Notably, over the past three months, Ethereum is up 150 percent, yet it’s still 24 percent down for the year and 76 percent below its all-time high of $1,431, reached in early January 2018. However, if we look at the last three years, Ethereum's value has increased by a staggering 2,354 percent.
Ethereum’s price jump follows a wave of excitement in its community due to various recent developments in their blockchain, including tentative plans for launching “ETH 2.0” Beacon Chain on January 3rd, 2020.
There’s been a lot of action in the ecosystem. For instance, new DeFi innovations such as the PoolTogether “no loss” lottery have appeared, in addition to preparations for novel layer-two scaling solutions, Phonon Network explicitly noting that the network intends to collaborate with Bitcoin and eventually even more blockchains.
Further, just days ago, technology leader Cloudflare unveiled an Ethereum Gateway interface allowing users to interact with Ethereum without the need for additional software downloads.
