Big bitcoin bulls are driving the rate to a new high at $37,224.

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Bitcoin bulls bought the dip and generated enough momentum to bring BTC’s price to a new all-time high of $37,224.

Bitcoin’s (BTC) parabolic surge accelerated Wednesday as the price broke above $36,000 for the first time, giving a clear warning that the bull market still has space to rise.

The cryptocurrency flagship stood at $37,224.14 on Bitstamp, comfortably surpassing the previous all-time record. The price has jumped by 9 per cent on the day and by more than 26 per cent over the last week.

At the time of the press, Bitcoin was selling $37,094.

 

BTC/USD daily chart. Source: TradingView

At present, Bitcoin’s market capitalisation has risen to $669.2 billion, accounting for nearly 68.3 percent of the entire cryptocurrency market.

Bitcoin’s new breakout contradicts forecasts that the market might face over-bought pressure in the near future. The overheated derivatives market and major liquidations from some of Asia’s biggest investors have boosted the risk of a short-term withdrawal.

So far, the digital-gold story of Bitcoin seems to have squandered any resemblance to a big pullback as banks and retailers purchase dips. Bitcoin is facing supply shortages as big buyers including Grayscale and PayPal continue to vacuum up all of the freshly mined BTC.

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Bitcoin tends to exert a heavy magnetic influence on the wider economy, with big altcoins also printing new local peaks. Ether (ETH) momentarily exceeded $1,200 on Wednesday. Litecoin (LTC), XRP, Bitcoin Cash (BCH) and others have all seen major gains.

 

-cointelegraph

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