Bitcoin Eyes $12K Price Hurdle as Dominance Rate Hits 28-Month High

bitcoin money e1499893061500 860x430

ViewBitcoin (BTC) is eyeing a move to key resistance above $12,000, having broken out of a bearish pattern in the Asian trading hours today.The leading cryptocurrency jumped above $11,120 at 00:45 UTC, violating the bearish lower-highs pattern created on July 20 and extended gains to $11,868 at 07:30 UTC. That’s BTC’s highest level since July 12, according to Bitstamp data.With the price rise, BTC’s dominance rate – the cryptocurrency’s share of the total crypto market – has jumped to 67.9 percent, the highest level since April 12, 2017, according to CoinMarketCap.Many observers consider price gains sustainable if they are backed by an uptick in the dominance rate.For instance, Vinny Lingham, co-founder & CEO of identity protection and management startup Civic, put out a series of tweets on April 10, explaining how alternative cryptocurrencies decoupling from the BTC rally would be a sign of substance in the bull run.With the dominance…

Read the original article here