Bitcoin Price Gains for 8th Straight Session, Extending 2019’s Longest Streak

Bitcoin’s meteoric 2019 rally may have shown signs of cooling Wednesday, but that didn’t stil the cryptocurrency from ending the day in the green.

In fact, the price of bitcoin ended yesterday’s session with its eighth consecutive day in the green, closing up by more than $1,200 on the day’s open of $11,375 and ending just below $13,000.

The streak is a record for 2019, passing the six candles seen between June 12 to June 17 as the only other significant run of multi-day gains.

Still, that’s not to say that streak isn’t in jeopardy heading into Thursday’s session.

At 20:00 UTC on June 26, the world’s largest cryptocurrency by market capitalization, dropped by more than $2,000 in just under 30 minutes amid a service outage at major U.S. exchange provider Coinbase.

However, with Coinbase’s fix implemented, bitcoin’s (BTC) price is also back up above $12,588 at press time, after dropping to a temporary low of $11,754.

BTC is currently changing hands for $12,827, as per CoinMarketCap data.

As can be seen above, the sharp sell-off from the 24-hour high at $13,785 brought prices to a local low of $11,710 before opportunistic traders picked up a cheaper bid and drove the prices higher, back toward $13,000 at around 23:31 UTC, 29 minutes before the daily close.

Total daily volume for BTC has also shown up in a big way with the world’s largest exchange, Binance, posting record-high trading volume in Tether (USDT) terms over a 24-hour period. Other exchanges such as Bitstamp and Coinbase are posting 500-day highs in total daily volume for June 26, with over 81.2 million BTC traded in a single day on those exchanges.

What’s more impressive, if data from CoinMarketCap is to be believed, over 45.9 billion BTC were traded during June 26’s trading period amounting to some of the highest levels ever recorded.

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 $46.17 billion, a large difference, according to Messari.io.

Meanwhile, other notable currencies such as Cardano (ADA), bitcoin cash (BCH) and Ether (ETH) are also back on the rise, up between 1.7 and 7.72 percent, respectively amid strong volume.

Also worth noting, the total market capitalization for the entire cryptocurrency market has recovered by more than $21.7 billion, up from $351.8 billion to stand at $373.5 billion.

Disclosure: The author holds no cryptocurrency at the time of writing.


Bitcoin Image via Shutterstock; Charts via TradingView