BITCOIN HITS RECORD TERRITORY OVER THE WEEKEND
The bulls regained control of the cryptocurrency market this weekend, sending bitcoin prices to new all-time highs as concerns over regulatory risks faded.
The BTC/USD exchange rate briefly touched above $6,300 over the weekend, according to CoinDesk BPI. The Bitfinex exchange last had prices at around $6,128, reflecting a gain of more than 7%. At present values, bitcoin’s market cap is a staggering $102 billion on supplies of roughly 16.65 million.
Bitcoin’s technical outlook is strongly bullish, as investors continue to buy the dips in pursuit of higher prices. The world’s no. 1 cryptocurrency by market cap has surged more than 500% this year. That makes the Dow Jones’ 19% gain look paltry.
The relentless surge in bitcoin prices has driven the crypto market’s total cap to nearly $180 billion. Bitcoin Cash (BCH), which recently forked from the Bitcoin network, was up more than 7% on Monday to trade at more than one-month highs. Though unclear how long the latest uptrend will last, the bitcoin market is in a firm uptrend that has only strengthened over the past month.