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‘Insane’ Bitcoin Momentum Goes Overdrive as 'Real Volume' Hits $1.5 Billion

Joseph Young
Bitcoin price is having a flourish, boosted by soaring trading volumes, as halftime approaches for 2019. | Source: Shutterstock

By CCN Markets: Bitcoin price has increased by 16 percent in the past week against the U.S. dollar following its initial breakout of the $10,000 mark on June 21.

The bitcoin price is up 16 percent in the past week against the U.S. dollar following a 3-fold increase from $3,150 to $10,000

The bitcoin price is up 16 percent in the past week against the U.S. dollar following a 3-fold increase from $3,150 to $10,000 (source: coinmarketcap.com)

Luke Martin, a crypto trader, has said that the momentum of the dominant crypto asset is “insane,” indicating that minor corrections are being absorbed by the market at a fast pace and that the short term trend of the asset remains strong.

How far can bitcoin go?

Earlier this month, the “real 10” volume of bitcoin which refers to the daily spot volume of exchanges with more than $1 million in verifiable daily volume as found by Bitwise Asset Management, hovered at around $500 million.

In the last several days, the real 10 volume of the asset has spiked to over $1.5 billion, peaking at $2 billion.

Read the full story on CCN.com.