The bitcoin-to-dollar exchange rate touched $9,388 at 0600 UTC — its highest since May 30 — on San Francisco-based cryptocurrency exchange Coinbase. The move brought the pair’s net rebound gains close to 200-percent, including a 154-percent since 2019 open alone. It further prompted bitcoin’s market capitalization to jump above $165 billion. At its highest, the cryptocurrency’s net valuation was more than $327 billion.
The steady uptrend in the bitcoin market has coincided with notable volume growth. According to CoinMarketCap’s 24-hour adjusted timeframe, exchanges have hosted about $23.156 billion worth of BTC-enabled trading activities. Meanwhile, the top cryptocurrency trading platforms known to offer “real” transactional data have witnessed about $1.5 billion worth of BTC volume.
At the same time, the bitcoin dominance rate has surged to its 1-month peak of 57.7-percent, now up 2.7-percent from Friday.
Binance US Closure, Facebook
The inexplainable bitcoin price rally has prompted analysts to look for its potential drivers. Many believe that the decision of Binance, the world’s largest cryptocurrency exchange, to stop providing services to US-based traders is what that is causing the bitcoin price boom. The exchange’s very own native asset, Binance Coin, or BNB, today depreciated by more than 6.5-percent against BTC, extending its losses to 22-percent since June 13.
“Pay attention as increased Bitcoin dominance, specifically over 60%, is bullish for BTC holders but isn’t good for most altcoins,” said Josh Rager, an independent market analyst. “With US Binance ban & other exchange delistings, people could be moving into BTC & major market cap coins.”
Meanwhile, others believe Facebook’s upcoming payment cryptocurrency, the…