From the start of 2019 cryptocurrency markets have increased by 28%, with Bitcoin itself increasing by around 25%.
It is known that bitcoin fell through the $4,000 level, in November last year (2018), there was a little struggle to break back. Bitcoin the gold of cryptocurrencies has tested it several times before falling back again. However, certain observers and analysts have been predicting a significant rise as, since early February, Bitcoin has formed a gradual uptrend which has taken its price ever closer to the pivotal $4,000 level.
Crypto asset markets have been in glumness for the better part of a year and market capitalization has nosedived every month as the digital selloff has continued. But today marked a turnaround as Bitcoin climbed sharply on Tuesday and ended trading in Asia on a four-month high.
Bitcoin finally broke through the $4,000 mark. It’s a price point that’s has been seen as a key market resistance level and, once broken, Bitcoin surged upwards. Within two hours of trading on Tuesday it reached a high of just over $5,000, according to charts from Tradingview.
As bitcoin has broken resistance the crypto markets have begun to surge, what many had been waiting for a little while. Crypto markets are now looking stronger as the week progresses. Bitcoin is pulling them all up as it made a new 2019 high. Market capitalization is ramping up to do the same as it surges upwards of $180 billion again.
In exact figures, the new hit is $5,640 in value. Ethereum (another digital currency initiative) has been a lot slower to react and has only moved a couple of percent to just below $175 again. it might move higher on the BTC momentum in the course of the day with this nudge from bitcoin.
Altcoins, in general, have gotten an extra shine as the Bitcoin upward movement is somewhat a plus for all. Cardano is the top gaining crypto in this section as at this time having jumped9 percent on the day to $0.080. There wasn’t much movement elsewhere except Bitcoin Cash which was back at $300.
Bitcoin’s show-starting return to $5,000 is its highest level in over five months. This has some financial media and analysts into a Tuesday morning of trying to unearth this ‘star’ coin.
A false report had gone out days before bitcoin’s climb recent climb started, claiming that the SEC(Securities and exchange commission) approved the elusive crypto exchange-traded fund. This report was really nothing but a joke and had no direct influence on the surge in my opinion. The reason being that behind the scene strategies and tactics have been consciously worked on and implemented to get Bitcoin moving in the only desired direction, ‘up’.
According to a blockcrypto reporter, Frank Chaparro,
“Last year was complicated for digital assets. The long-awaited institutional capital, for the most part, sat on the sidelines and much-hyped trading operations — from Goldman Sachs’ bitcoin trading desk to Bakkt’s futures platform — have yet to fully come to fruition. And the market for initial coin offerings essentially vanished. Still, momentum in the market has shifted as of late with a number of initial exchange offerings, token raises sponsored by crypto exchanges, taking the market by storm. Moments ago, VeriBlock wrapped up its IEO on U.S.-based Bittrex in 10 seconds, according to a tweet. Huobi and Binance have in recent weeks rolled out their own IEO platforms, selling tens of millions of dollars’ worth of new token issuances. Indeed, The Block research analyst, Matteo Leibowitz, commented on the IEO phenomenon’s ability to spark a shift in market sentiment early last month.”
Chapparo also reported that “BitMEX saw huge liquidations on levered shorts amounting to $500 million, and as with many rallies in the 2017 market, many altcoins lagged BTC as market participants tried to catch BTC’s price momentum. Tether inflows saw a spike as it briefly traded at a slight premium ($1.03) to its $1 redemption value, a signal that traders were likely looking for a haven from last night’s volatility. The short-term market rally was precipitated by large moves up in other high-beta assets such as LTC and BNB which made local and all-time highs in recent months.”
Trading volumes of cryptocurrency exchanges have steadily picked up over the past few months. Now Bitcoin’s big break took it past its daily moving average of 200, this further shows the resilience and strength of the currency. Crypto exchanges rose $44 billion to $63 billion as a result of recent surge. consequently, volumes have further gone up as the bitcoin price stabilized.
Credits – Luke Thompson, newsbtc, Matteo Leibowitz, Arjun Balaji, the BlockCrypto.JOIN OUR COMMUNITY