That’s right folks, the most significant cryptocurrency is at over $4,500, a psychological barrier that’s been bugging the whole crypto sector for some time. This is a historic new milestone for Bitcoin since 20 November last year and hence shattered the four months of calm.
Not an Extended April’s Fool Joke
Today bitcoin has experienced fast and furious growth in an hour or so which has left the crypto community with excitement as the giant crypto keeps registering wild price moves.
Perhaps, if there were ever that time for one to assume an end of an era for the bear market, now would be that ideal time. Precisely, the general market today surged a whopping $20 billion as bitcoin smashed into over its 200-day moving average.
However, it’s not clear yet what might have triggered this mammoth-size growth. There’re some suggestions though that the move might have been as a result of a short squeeze on Bitfinex, and hence implying that the Bitcoin bulls shouldn’t get too much excited yet as if that should be the case, only a matter of time before the price gets back itself to $4,200.
The sudden swings in Bitcoin don’t come as a surprise given that trading in virtual currency has been subdued this year with investors weighing the prospect for a more mainstream adoption especially after 2018’s 74% crash.
The move for bitcoin has just happened so rapid as it has broken through not one but at least three significant resistance levels at $4,200, $4,420, and $4,567. The surge saw it’s market cap rise from $5.1 billion to around $78.8 billion.
Where Bitcoin Goes, the Rest Follow
Just as expected, such bitcoin rapid increase turned as well the whole market into the green. However, among the top 10, Bitcoin remains the biggest gainer with a double-digit price uptick.
Rival coins such as Litecoin, Ripple, and Ether as well are on the uptrend, and a similar case was experienced in the crypto-linked stocks in Asia such as Remixpoint Inc. and Monex Group Inc.
Generally, the value of the cryptos tracked by CoinMarketCAP.com rose by up to $20 billion within just an hour.
Bull Rally a Trap?
Will bitcoin go down again? Bitcoin might have hit the highest today at around $5,130 as per the Bitmex chart before correcting downwards again with strong resistance at $4,800. Several analysts give their thoughts that the current move may be a bull trap which might soon break.
Nevertheless, for some few months now, this kind of moves have not been experienced, and hence many can speculate with much certainty, that the bear market is just but over and the next Bull Run has commenced.
For now, the price might be going up faster than even when I went down, and it appears 2019 is that year to be excited.
Image courtesy of Pixabay.
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