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Bitcoin (BTC) Price Breaks Above $8,600 Within Minutes

28-May-2019
Bitcoin (BTC) performed one more feat of fast appreciation late on Sunday, by breaking above $8,600 and keeping most of the gains. With this, the leading coin re-sparked hopes of revisiting the $10,000 range. The unpredictable spike broke through previously charted resistance levels, getting a boost from increased activity on Bitfinex and Coinbase.

BTC traded at $8,718.78 as of 5:40 UTC on Monday, extending the gains to an even higher range. Trading volumes once again exceeded $30 billion’s equivalent, with a rising share of dollar-based trading. The share of Tether (USDT) fell from 75% late on Sunday to 62% on Monday, and Coinbase took the share of US dollar trades above 14%.

The events reveal that a spike in prices on USDT-based exchanges triggers dollar-based investments and trading. Currently, USDT remains highly important, and its supply rose to peak levels above 3 billion coins. But the USDT activity also triggers fiat investment, as interest in BTC is renewed upon the strong recovery in the second quarter of 2019.

Currently, USD and USDT prices have almost evened out, due to the feedback mechanisms between exchanges. But skeptics see the climb in BTC as a concerted effort to invite investors back, especially given the liquidity problems of Bitfinex.

Along with the spike in BTC prices, some altcoins also rose, both in US dollar and Satoshi terms. Litecoin (LTC), TRON (TRX) and, surprisingly, Bitcoin SV (BSV) rose against the leading coin.

BTC dominates more than 57.4% of the entire market cap of all digital assets, as it becomes the leading coin making gains, and affecting all other assets. In the coming months, BTC awaits more discussions on the launch of an exchange-traded fund (ETF) in the USA. In July, the launch of the Bakkt futures exchange is expected, making BTC more accessible to mainstream financial investors.

Currently, Bitcoin price is closer to $9,000 on Negocie Coins, the newly launched exchange where BTC trades against the Brazil real (BRL). Due to high demand, the coin trades at a premium of $9,026 with a significant volume of nearly $3 billion.