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Bitcoin climbs to highest this year as volatility recedes

Apr 01 2019 19:00
Todd White, Bloomberg

Bitcoin advanced to the highest level of 2019, the latest milestone for cryptocurrencies as they claw back from a year that saw three-quarters of their market value wiped out.

The biggest digital coin on Monday rose as much as 1.6% to $4,135.60, the top intraday level since December, according to weekday trading data compiled by Bloomberg.

So-called alternative coins rallied more, with Dash jumping as much as 31% and Monero increasing as much as 10%.

Bitcoin is close to breaking above an intraday level set on Christmas Eve.

That day marked the end of a US stocks selloff, after which the S&P 500 Index started a rally that continued through March and reversed most of the fourth-quarter rout.

Bitcoin

The digital token’s comeback has been so gradual that its 30-day volatility has sunk almost to levels last seen before the 2017 cryptocurrency mania, when it bounded close to $20 000 and grabbed worldwide attention.

The move upward has opened a new buying trend, according to the GTI VERA Convergence Divergence Indicator, a tool used by traders who look at price history to predict future direction.

The measure suggests it could see further upside, the last buy signal was triggered, it resulted in a 17% rally in under two months. 

united states  |  bitcoin  |  cryptocurrency
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