Bitcoin gathers momentum to breach $12,000 barrier

Bitcoin fell in spot trading today after a 4-week high reached yesterday, as it gathers momentum to breach the $12,000 barrier, while dominating the market's trading by almost 70% for the first time since April 2017.

As of 09:05 GMT, at the Bitstamp exchange, Bitcoin is trading around $11,910, falling by 0.5% or $63, from the opening of $11,973, with a high of $12,031, and a low of $11,750.

Bitcoin rose yesterday by 4.4%, recovering sharp losses reached in the previous day on profit-taking from 4-week high at $12,325.

The total market cap of cryptocurrencies fell today by about $4 billion to a total of $306 billion, with a marginal decline for most major currencies in the market.

Bitcoin, is currently gathering momentum to breach the $12,000 barrier, to go near the highest level in one and a half year again at $13,880.

Bitcoin's dominance over the crypto market trading jumped to 69%, approaching 70% hitting its highest since April 2017, amid expectation to rise to 80%, on increased safe-haven demand.

Bitcoin's dominance at 51% at the start of the year, as the bullish market run dominated its trading since then, amid increasing interest from institutional investors.

During the last 3 months, the ratio between Bitcoin (digital gold) to actual gold rose from 0.466% last year to 0.837%, on increased safe-haven demand as the US-China trade war continues to escalate.