Bitcoin Tops $11.3K to Hit Fresh 2019 Highs

Bitcoin has set a new price high for 2019, reaching as high as $11,304 today before conceding a short-term period of profit taking.

At 21:00 UTC on June 23, the world's largest cryptocurrency by market capitalization shot upwards on the daily chart, cementing a new high beyond June 22's peak of $11,215.

The move to another 2019 high comes after bitcoin's price dropped to as low as $10,416 on June 23 before another surge of buying pressure pushed prices back above $10,750 within the same day.

From then BTC bolstered 6 percent, rising above $11,000 at around 19:00 UTC on Sunday evening and then reaching over $11,300 two hours later.

It's currently changing hands at $10,768 as per CoinDesk's price data.

BTC's 2019 bull run has already started off with a bang in recent weeks, a likely a combination of traders buying into their own fear-of-missing-out as well as institutions chasing the tail end announcement of Facebook's project Libra.

Large levels of volume failed to accompany the rally, beginning at 97.6 billion traded over a 24-hour period and continued to decrease to as low as 67.5 billion by days end, meaning that the move was unsupported and a small sell-off from that point out, was definite.

Its "Real 10" volume - a metric that takes into account trading volume from exchanges reporting honest volume figures as identified in a report by Bitwise Asset Management - currently stands at $46.17 billion, a large difference, according to Messari.io.

Cadano and UNUS SED LEO are the only two in the green within the top 20 at CoinMarketCap and are both posting 0.4-2.4 percent growth, respectively, over a 24-hour period.

The total market capitalization rose to a high of $331.8 billion, its highest point since July 31, 2018, while the market capitalization for altcoins is down $3.8 billion over a 24-hour period pointing to a preference in holding BTC above all else amongst the trading elite.