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Above $13K: Bitcoin's Price Extends 2019 Gains to New 17-Month High
Updated Sep 14, 2021, 1:52 p.m. Published Jun 26, 2019, 4:31 p.m.
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Bitcoin’s price has refreshed 17-month highs in the U.S. trading hours with a move above $13,000.
CoinDesk’s Bitcoin Price Index is currently trading at 13,020, the highest level seen since mid-January 2018, having surpassed the Asian session high of $12,919 at roughly 17:30 UTC.
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With the rise above $13,000, bitcoin has taken the cumulative month-to-date gains to 50 percent and the cryptocurrency now looks set to log double-digit gains for the third straight month. Further, BTC is on track to end higher for the fifth straight month – the longest monthly winning streak since April-June 2017.
Also, the double-digit price gain seen in the last 24 hours is accompanied by a record $33 billion trading volume across cryptocurrency exchanges, according to data source CoinMarketCap.
Bitcoin’s recent rise looks sustainable with the dominance rate hovering at 18-month highs above 61.5%. The dominance rate is an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency.
A price rise accompanied by a surge in the dominance rate indicates the money is being poured into the bitcoin market for a long haul and not merely to fund purchases of cheap alternative cryptocurrencies.
That is also evident from the sharp losses in altcoins’ BTC-denominated exchange rates. For instance, names like XRP, bitcoin cash, EOS, binance coin and other major altcoins are currently down 10-33 percent on a seven-day basis.
Litecoin, which is scheduled to undergo mining reward halving in August, is also down 27 percent on a weekly basis.
Disclosure: The author holds no cryptocurrency at the time of writing
Climber image via CoinDesk archives; charts by TradingView
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- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus
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- Bitcoin’s recent price stagnation has sparked a renewed debate over quantum-computing risks, with investor Nic Carter arguing that quantum fears are already shaping market behavior.
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- Most bitcoin developers still view quantum attacks as a distant, manageable threat, noting that proposed upgrades like BIP-360 provide a path to quantum-resistant security and are unlikely to explain short-term price moves.
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