Bitcoin (BTC) soared on Monday, rising to prices near $9,000 for the first time in 2019.
The top cryptocurrency hit its highest price level in over a year and extended recent gains that have seen the cryptocurrency’s price return to levels above levels it was before a correction on May 17.
Bitcoin surged by more than 10% in the morning trading session to hit a high of $8,937, according to data on crypto aggregating platform CoinMarketCap.
At the moment, the cryptocurrency is trading at $8,827 on the intraday charts, more than 9% higher compared to its prices a day earlier.
Over $30.7 billion worth of bitcoin has been traded in the last 24 hours, nearly a third of the total intraday volume for the entire crypto market. The coin’s market capitalization currently stands at over $154.6 billion, over half of the total cryptocurrency market capitalization at $269.8 billion.
On Sunday, bitcoin gained over $618 and surged by more than 7.6%, opening at $8,055.
The current price levels are bitcoin’s highest since its intraday highs recorded on May 11, 2018. Overall, Bitcoin has surged nearly 70% over May.
Other coins have also seen their prices surge, with ether (ETH) up more than 7.2% on the day to trade at $267. XRP surged 7%, Bitcoin Cash (BCH) has gained more than 8.5% and Litecoin (LTC) is the biggest gainer among the top ten cryptocurrencies with an intraday price surge of 12.34% at press time.
The soaring market comes at a time the crypto market has benefited from a number of positive developments showing an increased interest in the sector from institutions and other mainstream businesses.
Fidelity Investments, which launched a digital asset platform, is said to be finalizing preparations that will see it offer institutional investors a platform to buy and sell digital assets.
Recently, E*Trade Financial Corp announced that it would be introducing crypto trading for its customers, while U.S. telecoms giant AT&T reportedly partnered crypto payments processor BitPay to allow customers to phone bills using bitcoin.
Social media giant Facebook is also preparing to launch its own cryptocurrency “GlobalCoin” by Q1 2020.