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Bitcoin Price Tops $10K for First Time Since 2018
Bitcoin's price passed five digits on cryptocurrency exchanges for the first time in 15 months.
Updated Sep 14, 2021, 1:52 p.m. Published Jun 21, 2019, 11:47 p.m.
Bitcoin’s price soared above $10,000 on cryptocurrency exchanges for the first time in 15 months. The price hopped the $10K barrier at 7:35pm Eastern Time.
At press time, the top cryptocurrency by market capitalization is trading at $$10,080.49 – the highest level since March 8, 2018 – representing month-to-date gains in excess of 13 percent, according to CoinDesk’s Bitcoin Price Index. On a 24-hour basis, BTC is outshining most top 10 cryptocurrencies with 7 percent gains.
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The price rise is backed by a 12 percent jump in trading volumes. As per data source CoinMarketCap, $21 billion worth of bitcoins have traded across cryptocurrency exchanges in the last 24 hours. Messari, however, is reporting the “Real 10” volume at $1.4 billion.
With the move above $10,000, bitcoin has erased more than 40 percent of the sell-off seen in twelve months to December 2018. Further, prices look set to end the second quarter with triple-digit gains. As of writing, BTC is up more than 130 percent on a quarter-to-date basis.
Halving on the horizon
Looking forward, BTC may continue to shine bright as the cryptocurrency is set to undergo mining reward halving sometime in May 2020.
The process designed to curb inflation by reducing the reward for mining on bitcoin’s blockchain is repeated every four years and leads to supply deficit.
The upcoming reward halving may leave a bigger supply deficit if Facebook’s cryptocurrency Libra ends up boosting bitcoin’s appeal and adoption rate as predicted by some observers.
On Tuesday, the social media giant launched the white paper to mixed reviews with pundits it a net positive development for bitcoin and cryptocurrencies in general.
While bitcoin's long-term prospects look bright, the cryptocurrency may see a pullback in the short-term. After all, prices have rallied more than 140 percent in the last 2.5-months and bulls usually take a breather following such stellar gains.
Disclosure: The author holds no cryptocurrency at the time of writing
Hot air balloon image via Shutterstock; charts by TradingView
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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