Bitcoin’s price rose above $7,500 Sunday for the first time in over nine months, a move that marked a resurgence in the crypto market at large.
The world’s largest cryptocurrency by market capitalization, which accounts for more than half of all the total cryptocurrency market, jumped to $7,577 at 13:36 GMT – the highest price since August 2, 2018, according to CoinDesk’s Bitcoin Price Index (BPI).
The surge, however, seems to have slightly cooled off thereafter, with the price currently trading at $7,100, suggesting the market considered the asset overbought.
The move to nine-month highs has come a day after the last remnants of bearish sentiment were snuffed out, and the trend appeared to switch to a long-term bull market. Notably, the price rally was also accompanied by a surge in 24-hour trading volumes to a record high of $29.33 billion, according to data from CoinMarketCap.
However, its “Real 10” volume – a metric that takes into account trading volume from exchanges reporting honest volume figures as identified in a report by Bitwise Asset Management – currently stands at $1.87 billion, according to Messari.io.
Further, still, bitcoin’s dominance rate, a measure of its market share versus that of other cryptocurrencies, has hit a 17-month high of 59 percent, indicating the broader market has lagged the recent bitcoin price rally.
But bitcoin’s dominance rate may drop in the coming days, as the alternative cryptocurrencies are beginning to show signs of life, with names like bitcoin cash, tezos and bitcoin gold flashing double-digit gains at press time.
Meanwhile, other highly ranked cryptocurrencies like litecoin, EOS, XRP, and Binance coin have gained 6 to 9 percent each on a 24-hour basis, according to CoinMarketCap.
What’s more, the total market capitalization has risen to a six-month high of $219 billion, while the market capitalization of altcoins has witnessed a flag breakout – a bullish continuation pattern – indicating better days ahead for the alternative cryptocurrencies in general.
Disclosure: The author holds no cryptocurrency at the time of writing.