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Bitcoin Price Skyrockets to $9,387: What’s Behind the New 2019 High?

Joseph Young
Bitcoin price just went north to hit a 2019-high. | Source: Shutterstock

By CCN Markets: The bitcoin price has surged by seven percent on the day, recording a 32 percent monthly gain and a 151 percent year-to-date gain against the U.S. dollar.

The bitcoin price is up 32 percent in the past 30 days

The bitcoin price is up 32 percent in the past 30 days (source: coinmarketcap.com)

The strong upside movement of the dominant cryptocurrency has occurred in anticipation of the opening of the CME bitcoin futures market on Monday.

Factors behind the bitcoin price rally

Earlier this week, when the bitcoin price was hovering at around $8,100, the “real 10” volume of the asset was at around $600 million.

The real 10 volume of bitcoin refers to the verifiable volume of the asset based on the methodology presented by Bitwise Asset Management which found that only ten exchanges in the bitcoin market have a real daily volume of over $1 million with the exception of BitMEX.

As of June 16, the real 10 volume of bitcoin remains above $1.1 billion, up nearly two-fold within a seven-day span.

Read the full story on CCN.com.