- Bitcoin briefly traded above $11,400 Monday, the highest in over a year.
- The largest cryptocurrency has made remarkable gains over the past 48 hours.
- The overall cryptocurrency market is now worth almost $330 billion.
Bitcoin’s price blew past $11,000 Monday for the first time since 2019, signaling the end of a multi-year downtrend and pointing to further gains over the horizon.
Bitcoin Making Waves
The bitcoin price peaked at $11,417.11 Monday evening, up more than $1,500 on the day. At the time of writing, the digital asset was sitting on a gain of 13% at $11,233, according to TradingView.
From a technical standpoint, bitcoin’s price far exceeds the 50-period and 200-period moving averages. The relative strength index on the hourly chart points to overbought conditions.
A similar observation is made on the daily chart:
At its current price point, bitcoin has a total market cap of nearly $205.2 billion. That accounts for 63.1% of the overall crypto market, which is presently worth almost $327 billion.
Is Bitcoin Becoming Digital Gold?
The rally caught the attention of mainstream media and casual traders who have grown accustomed to seeing bitcoin rejected in and around the $10,500 mark. After months of lateral moves, the largest cryptocurrency by market capitalization is finally breaking out.
Bitcoin is surging at a time when gold–the world’s most trusted haven asset– is trading at all-time highs against the U.S. dollar.
In both cases, investors appear to be hedging their bets against a shaky economic recovery–one that could dismantle the stock-market rally over the medium term.
While bitcoin still has a long way to go to prove it’s an established store of value like bullion, the digital…