The Bitcoin price (BTC/USD) has reached a new 2019 high over $9,700, as a result of a strong rally that started developing during yesterday’s afternoon trading
The original cryptocurrency had an uneventful morning session yesterday, with its price hovering around the $9,300 mark. However, the situation changed during the afternoon, as the coin was able to pick up steam and rally past its recent 2019 high of $9,416.41. The coin rose to an intraday high of $9,594.42, before closing the session at $9,527.16.
BTC continued to advance during the opening hours of today’s session, rising to as high as $9,768.49. This was the coin’s highest price level since May 6, 2018, according to data from digital currency tracker Coinmarketcap. BTC has pulled back in subsequent trading and is currently hovering just over the $9,700 mark.
Bitcoin’s latest rally follows the recent announcement of Facebook’s Libra cryptocurrency. Some observers believe that the social media giant’s move into crypto could provide a significant boost for the industry. Among them is Fundstrat Global Advisors’ head of research Tom Lee, who recently described the move as “a complete validation that mainstream is now focused on cryptocurrencies”. Lee also views Libra as “very complementary” to Bitcoin.
In other positive news, US derivatives marketplace operator CME Group announced in a Wednesday tweet that the open interest in its Bitcoin (BTC) futures product has reached an all-time high on Tuesday. The company views this as a sign of growing institutional interest.
“CME Bitcoin futures (BTC) shows growing signs of institutional interest. BTC open interest rose by a record 643 contracts in a single day, establishing a new all-time high of 5,311 contracts on June 17,” the tweet reads.
In today’s trading, the Bitcoin price stood at $9,724.50, as of 07:08 BST. The digital currency has gained 4.6% in the past 24 hours. Its total market capitalisation currently stands at $172.8 billion, which represents 57.8% of the combined value of all digital currencies.
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