Bitcoin pumps by 11% and breaches key resistance; is $13,000 next to fall?

Bitcoin bulls continued to scale greater heights after the king coin’s valuation neared the $13k mark after breaking a key resistance at $12,061. The recent high drove the crypto-market to a collective market cap of $352 billion, with Bitcoin holding a dominance of 64% in the market.

From trading at a low of $3,736 to the current high, Bitcoin has a staggering YTD of 240%. BTC followed a steady pace and noted only minor pullbacks. Prior to the present double-digit price gain, Bitcoin had traded above the $13k-mark in the latter part of June. However, the digital asset failed to hold on and crashed shortly after. Many well-known analysts have speculated that the current phase is one of consolidation for the world’s largest cryptocurrency.

Bitcoin 1-day chart

At press time, the world’s largest digital currency on CoinMarketCap held a market cap of $226 billion and was valued at $12,704. BTC registered a 24-hour trading volume of $26.53 billion and had risen by by 11% over the day. Coinbene registered the highest percentage of Bitcoin trading volume via the BTC/USDT trading pair.

Drawing parallels with the dramatic gains of 2017 which ended up being a bubble, it can be safely speculated that the 2019 gains have been comparatively gradual. As  Christel Quek, CCO of Bolt noted, the king coin underwent a mature and logical revival and growth in its price. The cryptocurrency’s present momentum could be attributed to growing interest in the crypto-space, following the introduction of Facebook’s ambitious Libra project, which is backed by 27 industry giants.