The value of bitcoin (BTC) hit a 13-month high above $9,300 on Sunday. The major cryptocurrency by market capitalization went up to $ 9, 381 at 05: 55 UTC – the largest price since May 10, 2018, as per CoinDesk’s Bitcoin Price Index.

BTC was last witnessed trading at $ 9,250 signifying 6 .4 percent gains on the day. On a month-to-date basis, the cryptocurrency is up 8 percent.

More than $19 billion worth of bitcoin has been traded across cryptocurrency exchanges over the past 24 hours, according to Messari data. However, leading exchanges included in the calculation of Bitwise’s “real” Bitcoin trading volume are presently reporting the 24-hour volume figure at $867,697,751.

With the price rise, Bitcoin’s dominance rate, or its share of the total cryptocurrency market, has ticked higher to 57.1 percent from lows near 55 percent see on Friday.

The bitcoin price rally is boding well for the broader market. At press time, litecoin is up 2 .3 percent on a 24-hour basis. Names like ethereum’s ether token, XRP and bitcoin cash are up 4 percent, as per CoinMarketCap.

However, EOS is the better performing top 10 cryptocurrency of the past 24 hours with 7 .4 percent profits.

However, on a seven-day basis, litecoin is leading the top 10 cryptocurrencies with 18 .29 percent gains followed by bitcoin, which has valued by 17 .20 percent.

Looking ahead , BTC may rise further towards the next major opposition at $ 10,000 as long-term technical studies are biased bullish. For instance, bitcoin’s 50- and 100-candle moving averages on the three-day chart look set to produce a bullish crossover – a sign of bull market momentum. Back in October 2015 , the same cross marked the start of a long-term bull market.

Notably, with a move to 13-month highs, the cryptocurrency has retraced almost 38 .2 percent of the sell-off from December 2017 highs to December 2018 lows, as seen in the chart below.