Bitcoin Price Nears $5,000 for the First Time in 2019
On the morning of April 2nd, 2019, the bitcoin price jumped seventeen percent within 30 minutes, making it the best gain of the year for the world’s largest cryptocurrency. The rapid price surge pushed bitcoin to a four-month high of $4,849 USD — a level last seen in November 2018 during bitcoin’s downward momentum.
Also read: Against the Roots: LocalBitcoins to Change KYC-AML Policy from November 2019
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Bitcoin Adds $10 Billion to Market Cap in 30 Minutes
Data from CoinBillboard indicates bitcoin climbed to $4,894 between 04:30 UTC and 05:30 UTC. At press time, the world’s largest cryptocurrency trades at $4,759, bringing it to a four-month high.
In percentage terms, the bitcoin price registered a seventeen percent surge for the first time in 2019. That surge also brought the market cap to $83.5 billion, adding $10 billion in a very short time frame. Notably, bitcoin’s transaction volume spiked by 52 percent, hitting a yearly high of $15 billion.
Simultaneously, the top twenty altcoins by market cap mounted significant price rallies against the US dollar — Tezos being the only exception to the trend.
End of the Bear Market
Struggling for the past four months against downward pressure, the bitcoin price finally broke the defined resistance level at $4,200. The favorable market tide is seemingly shifting to bitcoin and altcoins across the board.
On April 1st, a day before the big push, famed technical analysts Bleeding Crypto noted that a massive $80 million sell wall could act as fuel for a bull rally.
$BTC There is now an $80 million wall above the price action once again. That is a hell of a wall and fuel to take us higher. This is not a guarantee that the price will go up but it is a guarantee that there are plenty of sellers to move the price up if there are enough buyers. pic.twitter.com/ozbTyjwSuy
— Bleeding Crypto (@Bleeding_Crypto) April 1, 2019
It looks like they got it exactly right, too. However, the question now is: how long will this elevated price last? Have the markets really broken through the firm $4,200 resistance and set a new trend? Or is this just a temporary spike that will die down as quickly as it came? Either way, keep your eyes peeled on the charts because it’s going to be an interesting ride.
Will Bitcoin continue its path of highs? Share your views in the comments section.