Bitcoin’s Price Booms to Highest Level Since June 2019

Bitcoin's Price Booms to Highest Level Since June 2019

Bitcoin’s price today hit highs of $13,329, according to metrics site CoinMarketCap. That’s Bitcoin’s highest price since last summer.

Here’s the play-by-play: At 3:30 am UTC, Bitcoin’s price rose from $13,133 to hights of $13,329. The high lasted just two hours: at 5:44 am, Bitcoin’s price sunk like a stone to $12,996. Its current price is $12,961.

The last time Bitcoin’s price was this high was on June 26, 2019. Then, it peaked, ever so briefly, at $13,793, according to CoinMarketCap data. 

Bitcoin maximalists’ victory today follows a particularly strong month for the largest cryptocurrency by market cap.

On October 6, Bitcoin’s price was around $10,600. But the price increased sharply this month to its peak today of $13,329. That’s an increase of about 25%.

Bitcoin’s price has thus more than tripled since that fateful day in the middle of March, when it momentarily crashed to just below $4,000 amid the market uncertainty caused by the coronavirus pandemic.

Its rise may be related to this summer’s decentralized finance boom, when investors poured billions into non-custodial exchanges and lending protocols.

Most of this takes place on Ethereum, and the main way that Bitcoiners can get involved is to exchanges Bitcoin for Ethereum-based representations of Ethereum.

That took off: synthetic Bitcoin now comprises 4% of Ethereum’s market capitalization, per a dashboard on metrics site Dune Analytics.

Amount of synthetic Bitcoin on Ethereum. Image: Dune Analytics

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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