Bitcoin has experienced another rally following the one experienced last month. The price of the leading cryptocurrency has been on the rise steadily, closing in on the $6,000 target and achieving a new 2019 high in the process.
As usual with the crypto market, most of the other altcoins are also trading in the green zone, with Ethereum one of the top performers of the past 24 hours.
Bitcoin Price Attains 2019 High, Again
The Bitcoin price has reached a new high for this year, just a few weeks after achieving a similar feat. According to Bloomberg composite pricing, BTC’s price surged by 4.7 percent earlier today and traded at $5,961 on most cryptocurrency exchanges.
The increase in price means that Bitcoin has achieved a new high for 2019 and it is slowly approaching the $6,000 mark. Late last month, the price of BTC reached a 2019 high price of $5,500. At that time, market experts like Brain Kelly, Tom Lee, and a few others predicted that the bear cycle is over and BTC is in its recovery phase.
That theory is starting to hold as the price of BTC has been on a steady rise since then, and is on the verge of reaching the $6,000 mark. Jehan Chu, the managing partner at Kenetic Capital, told Bloomberg that the cryptocurrency is able to hold its short-term high because institutional involvement in the crypto space seems to be getting stronger.
Fidelity Investments Inc., one of the largest asset managers in the world is reportedly looking to launch cryptocurrency trading services in the coming weeks. The firm is already offering a Bitcoin custody service and is looking to expand its involvement in the crypto space.
According to Chu, while the news of Fidelity launching cryptocurrency trading services isn’t enough to move the market alone, combining it with that of E*TRADE and Ameritrade could be huge.
Ethereum Leads the Market Rally
While most of the attention is focused on Bitcoin’s price approaching $6,000, Ether has been the best performing cryptocurrency amongst the top ten by market cap.
The second largest crypto by market cap was up by more than 9 percent earlier today as reports surfaced that the United States Commodities and Futures Trading Commission (CFTC) could approve Ethereum futures contracts if a proposal meets all the requirements.
The news saw ETH close in on the $180 mark after spending the past few days just above $160. Amongst the top 40 cryptocurrencies by market cap, the coins trading in the red zone are stablecoins. Paxos Standard, TrueUSD, and USD Coin are all down by less than 1 percent over the past 24 hours.
Although it is a long way from reaching its all-time high of $20,000, the slow recovery of Bitcoin’s price has led to an improved sentiment regarding the general market.