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Bitcoin Price Soars To $5800 Lifting Market Cap To $185 Billion

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Bitcoin Price Soars To $5800 Lifting Market Cap To $185 Billion

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At 07:00 GMT+4 on Saturday, Bitcoin price rose to $5816.96 to set an all-time high price for 2019. At Midnight on Friday, the first mover of digital currency was trading around $5400.

It grew 4.16 to set the new record which has basically dragged along most prominent coins. Bitcoins trading volume for the last 24 hours is in the region of $19 billion while the market capitalisation is almost $103 billion.

Moreover, the total market cap of the entire ecosystem was over $185 billion at the time of filing this report at 08:00 GMT+4. Most currencies are in the profit zone as a matter of fact.

Earlier in the week, BTC price retreated from the $5500 zone to sell around $5100 to $5200. However, at the dying embers of the week, the market bounced back and headed to its previous price range.

Surprisingly, the retreat which was attributed to the fraud allegation made against Bitifinex‘s handling of Tether’s backing funds didn’t have a prolonged effect, unlike previous Cryptocurrency exchange scandals.

$6000 In Sight?

It is obvious everyone is anticipating the price hitting $6000 soon with this price rally. The highest Bitcoin price has run to in 2019 prior to the new record is $5600 but it couldn’t on.

Overcoming the $5700 resistance to post the current price might be a signal that $6000 is close. Anyway, we need to observe how it plays out whether it can sail through without any blemish.

Top 10 Standings

Bitcoin Price Soars To $5800 Lifting Market Cap To $185 Billion

Bitcoin Cash made the highest profits on the top echelons securing 7.84%. LTC followed suit with 5.06 percentage points.

EOS made it 3.50% while ETH posted gains of 1.91. In the same winning style, Stellar, XRP and Tether sequentially sprung 1.54%, 1.30% and 0.11%.

The only casualties at the elite level were from Cardano and Binance but negligible. Cardano squandered 0.07 of its hodlers funds with BNB throwing away 0.75.

Moreover, the whole of the top 100 on CoinMarketcap registered 22 coins dropping value. The highest so far was 4.86%.

If the trend continues like that, then the week would end on a good note. Till then, enjoy your gains.

Frisco d'Anconia

Frisco d'Anconia is a journalist by profession and a Free Market Policy analyst. Through Africa Youth Peace Call which he founded in 1997, more than 2000 African youth were educated in Free Markets Economics and entrepreneurship. Many of these people have moved on to start businesses and institutions to advocate for market reforms in Africa. In 2007, he won the 1st Prize of the Mont Pelerin Society Essay Competition for Africans under 30 with an essay on Ghana's Telecommunication Liberalization. This man single-handedly brought Bitcoin/Cryptocurrency and Libertarianism to his native Ghana. Since 2011, he has been spreading Blockchain technologies in Ghana through his Liberty and Entrepreneurship Camps. He has written for the Cointelegraph, CryptoCoinsNews, Core Media, Bitcoinchaser and others with the pen name Frisco d'Anconia. From 2016, he is travelling through Africa promoting and writing about Blockchain technologies and its communities for the Crypto journals. So far the Cryptotraveler/Cryptovagabond as he's popularly known has been to 22 African Countries attending conferences, organising Meet-ups and promoting Blockchain Projects. He lives on, and solely earns Crypto and has no bank account. He ardently holds that Blockchain technologies are the answer to Africa's copious malaise. Currently, Mauritius is his base where he runs Qubitica LTD, a Blockchain Company as CEO, and as the Managing Editor of QBITtimes. His interests are Economic Freedom in the world, Fintech, writing, teaching, travelling and children, and has two beautiful daughters.

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