Bitcoin Rebounds from Below USD 10K to above USD 11K in Ten Hours

Source: iStock/PeskyMonkey

It took ten hours for the largest cryptocurrency, bitcoin, to rebound from USD 9,960 to USD 11,000 before it moved even higher.

At pixel time (04:38 UTC), bitcoin trades at c. USD 11,360 and is up by more than 13% in the past 24 hours, trimming its weekly loss to 7% and increasing monthly gains to 31%.

Bitcoin price chart:

Bitcoin Rebounds from Below USD 10K to above USD 11K in Ten Hours 102
Source: coinpaprika.com

As it was the worst performing major digital token yesterday, on Wednesday, bitcoin once again leads other coins from the top 10 by market capitalization. Ethereum and Bitcoin SV are the two best performing major altcoins (c. +7%), while other coins from the top 10 are registering 1%-6% gains.

The total market capitalization jumped by almost 11%, nearing USD 325 billion. Bitcoin dominance, or the percentage of the total market capitalization once again increased above 62%, where it was in the last days of June.

Smaller capitalization coins from the top 100, such as Waltonchain, Tezos, Energi jumped by around 20% in the past 24 hours.

“I think we’re going to see the market consolidating between USD 10,000 and USD 14,000 for a while before it takes the next leg higher,” Michael Novogratz, Galaxy Investment Partners founder, said in an interview with Bloomberg today.

Listen to Michael Novogratz discussing bitcoin’s roller coaster ride and Facebook Inc.’s entry into the crypto:

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Meanwhile, economist, trader Alex Krüger asked his 37.500 followers on Twitter what do they forecast for bitcoin in 2019:

Bitcoin Rebounds from Below USD 10K to above USD 11K in Ten Hours 103

According to Krüger himself, he’s bullish because “big buyers” are still there, while retail investors are not yet participating, and institutional on-ramps, such as Bakkt, about to come online. Among other things, he also stressed that bitcoin miners are “hoarding on the way up,” while bitcoin halving, which will reduce the bitcoin mining reward by half, is approaching.

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