Take Two: Bitcoin Price Surges Above $13,000 for Second Time This Year

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Wed, 07/10/2019 - 05:59
Alex Dovbnya
A recent correction didn’t put a damper on Bitcoin’s price rally as the top cryptocurrency is aiming at new highs
Take Two: Bitcoin Price Surges Above $13,000 for Second Time This Year
Cover image via U.Today
Contents

After a slight pullback, Bitcoin has eventually managed to break above $13,000. The question remains whether the momentum is strong enough to push the coin’s price past the $13,888 mark, its current yearly high.

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Setting sights on $14,000

Last time Bitcoin broke touched $13,000, its price ended up being whipsawed. As reported by U.Today, BTC plunged below $10,000 after a continuous sell-offs, bringing back memories of the 2017 bubble. However, Bitcoin managed to quickly rebound after a 30 percent correction.

Trading expert Josh Rager recently shared a price chart, which shows that BTC is likely to stay in the $12,000-$13,000 range until the end of July. 

Of course, one shouldn’t treat this analysis as the law of physics given that BTC price action is very unpredictable.

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A dominant force 

While BTC continues to surge, altcoins are failing (big time). Bitcoin is currently the only top 10 coin in the green, according to data provided by CoinMarketCap.

As a result, Bitcoin’s dominance has increased to 65 percent, its highest level since April 2017. Back in 2017, the crypto king suddenly ceded ground to altcoins with Ethereum dominance surpassing 31 percent at one point.

Now, another altcoin season is nowhere near on the horizon, so it’s safe to say that BTC dominance will continue surging.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.