The Bitcoin price (BTC/USD) has surged to a five-month high on Tuesday, continuing a rally that started developing during Monday’s afternoon session.
The original cryptocurrency saw some strong trading yesterday, especially during the afternoon, when its price broke above the $5,400 mark for only the econ time this year. The coin rose to as high as $5,422.69 and eventually closed the session at $5,399.37.
BTC continued to advance during today’s morning session and was able to break through the $5,500 barrier for the first time in over five months. The coin rose to as high as $5,590.52 in recent trading, which was its highest level since November 19. The Bitcoin price has pulled back slightly since then and is currently hovering around the $5,565 level.
Bitcoin’s advance has been supported by strong market activity. The coin’s daily trading volume reached $14.6 billion on Monday, up from the $13.7 billion that had been generated during the preceding session. Meanwhile, recent market data shows that around $16.3 billion worth of BTC coins have changed hands over the past 24 hours, which suggests that the market activity is even stronger today.
The wider digital currency market has also been moving on an upward trajectory in the past 24 hours, with most major coins posting significant gains over that period. Cardano (ADA) has been the best performing digital coin in the cryptocurrency top 10, having gained more than 5.5% since yesterday’s late morning session. Bitcoin Cash (BCH) and Litecoin (LTC) are some of the other major altcoins that are currently on the rise.
In today’s trading, the Bitcoin price stood at $5,563.92, as of 10:30 BST. The digital coin has gained 4.8% over the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $98.2 billion, which represents 53.2% of the combined value of all digital currencies.