Bitcoin’s (BTC) price hit $13,010.90 AUD in May setting a new high for 2019, in addition to increasing over 65% from $7,508.35 to $12,416.03 during this period alone.
This comes off the back of an 11-month downtrend earlier in 2019, which was one of the longest bear market in Bitcoin’s 10-year history. Since February, the bulls have appeared to regain control of the market with a massive breakout experienced over the last 4 months.
Bitcoin’s downtrend was broken in early February 2019, as markets began to trend upwards after a solid gain in price on February 8th. This was followed by a very strong start to April, which saw a continued surge in price along with a return of confidence to the market.
One token which surprised many was Bitcoin SV (BCHSV). The token’s price has seen a gain of roughly 287% across May. It topped out at around $600 before being pulled back down to around $300.
The only market to take a loss on BTC Markets in May was Basic Attention Token (BAT), which saw prices fall 5.93%.
The team at BTC Markets are excited by the current market activity, and we look forward to seeing what the rest of the year has in store. Will we see a return to Bitcoin’s all-time-high by the end of the year? If the past month is any indication of the market’s strength, it should be quite an interesting ride.