6 facts about this Bitcoin rally

14 May, 2019
Analysis
6 facts about this Bitcoin rally

Bitcoin has turned the misery of 2018 into the happiness that is 2019. With the recent price climbing to well over $8,000, we look at 6 facts about this recent BTC rally.

Bitcoin continues to impress in 2019, and the recent numbers go to show that positive growth in 2019 could be the catalyst for more growth in 2019. 

1. Bitcoin is up 140% in 2019 

Bitcoin has surged a massive 140% in 2019 alone, following a dismal 2018 which saw the price drop approximately 87% from the $20,000 all-time high. In the space of 5 months, BTC has managed to climb back into the green for new investors, who would have seen their early 2019 buys in big profit.

BTC/USD Chart provided by Tradingview

2. BTC dominance reaches 60%

It is worth noting that the last time BTC dominance was over 60%, was in December 2017 when Bitcoin began pumping to the $20,000 all-time high. The recent surge in BTC price, has seen traders move their funds into BTC, with Bitcoin dominance now sitting at 60% for the first time in over a year. Not even once, did BTC dominance reach 60%. 

3. BTC trading volume hits new highs 

It comes as no surprise that with the massive price increase, and 16 month dominance percentage high, that BTC trading volume also reached a new all-time high according to Coinmarketcap. The recent 24 hour trading volume on BTC, dwarfs that of the 2017 bull run, with a new high being set consecutively for two days. This past week saw BTC 24-hour trading volume surge past $28 billion, and most recently it surged past $32 billion following the break over $8,000. 

 

4. BitMex sets new 24-hour trading volume record 

Popular leverage trading bitcoin exchange BitMex has become synonymous for shorting or longing bitcoin with 100x leverage. It has been the platform used to gamble away your Bitcoin or make a healthy profit if you know what you are doing. Most recently, BitMex CEO Arthur Hayes announced that the exchange had hit a new 24-hour trading volume record of $10 billion in BTC traded.

5. Mass liquidations on BitMex 

The price jump on BTC from $4,200 up to $5,400 was an impressive jump and no surprise when BTC broke $6,000 traders began shorting Bitcoin in an attempt to predict the market as a retrace was expected. However, Bitcoin pumped to $8,000 leaving over $79 million in shorts liquidated on BitMex. While the number is not a record for liquidations, it most certainly is massive. 

6. BTC reaches new high for 2019, highest price in 10 months 

Bitcoins impressive run has seen a new 2019 high in price, reaching upwards of $8,100. The last time BTC was around these price was in July 2018. The impressive numbers give credence to the fact that bitcoin is here to stay, and could potentially push for more upward gains in 2019. 

BTC/USD Chart provided by Tradingview

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