After gaining more than 30% in dollar terms in April, Bitcoin continued to push higher and added 15.6% last week to post weekly gains for the 12th time in the last fifteen weeks. Although the BTC/USD pair staged a technical correction on Sunday following the rally to a fresh 2019 high of $7450, it didn’t have a difficult time finding support in the $6850 – $7000 area.
With the trading action turning subdued during the first half of the day on Monday, the pair moved sideways a little above $7000 but gathered momentum in the last hour to climb toward the 2019 peak. As of writing, the pair was up 4% on a daily basis at $7270. Bitcoin’s total market cap, which was $124 billion earlier in the day, was last around $128 billion according to the latest data available on coinmarketcap.com.
Although there were no apparent catalysts behind that recent upsurge, reports of Boerse Stuttgart introducing LTC and XRP exchange-traded notes (ETNs) seem to be boosting the sentiment surrounding cryptocurrencies.