Bitcoin’s [BTC] mining profitability hits ATH for 2019; demand increases in South Korea on Local Bitcoins

On Sunday, Bitcoin [BTC], the King of the cryptocurrency market, reached its all-time high for the year, resulting in the entire cryptocurrency community rejoicing its rise. The coin rose to hit a high of $8947.88 on one of the leading cryptocurrency exchanges, Coinbase, in a matter of hours. To add to the celebration, other cryptocurrencies such as Litecoin and Ethereum joined the largest-cryptocurrency in its rally to its new highest position.

Notably, the coin’s price was not the only thing to reach its all-time high for the year. According to BitInfoCharts, the mining profitability also reached its all-time high for the year on 26 May 2019.

Source: BitInfoCharts

Source: BitInfoCharts

More so, the coin saw a sharp increase on LocalBitcoin’s volume in South Korea for the week of 25 May 2019, reaching its all-time high sine 2013.

Source: Coin Dance

Source: Coin Dance

According to CoinMarketCap, at press time, the digital gold was trading at $8,800 with a market cap of $155 billion. The trading volume of the cryptocurrency was $28 billion and the coin’s rise over the past seven days was recorded to be over 12 percent.

Zerohedge, a Twitter user said,

“Bitcoin is up 140% YTD. The same experts who repeat that ‘only price matters’ and ‘good traders anticipate perception shifts’ continue to mock the surge and are underperforming the S&P instead.”

A Redditor said,

“My bedtime prayer tonight: Dear almighty Whales, please pump Bitcoin price over $9000 before the morning and strike down the shorts for their lack of faith so that the world may live in peaceful anarchy”

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