Guess who's ₿ack, ₿ack again. ₿itcoin's back, back again as the coin market cap surges $16 billion in a matter of minutes as market momentum and enthusiasm fills the sails of many dormant crypto community members.
That's right, bitcoin (BTC) price has successfully crossed the $4,800 BTC/USD exchange rate value as the crypto markets surge into a sea of green. Bitcoin is leading the crypto coin charge market cap of $85.25 Billion, $13.3 Billion trading volumes, BTC dominance is now at 52.4%.
BTC Value Briefly Shoots Up Over $5k, Crypto Market Adds $16 Billion in an Hour
Crypto market just got crazy as in an hour the Bitcoin price went up from $4,196 to $4,849 with 24-hours gains of more than 18 percent. The leading cryptocurrency has been currently managing the daily trading volume of $13 billion as per the data provided by Coinmarketcap.
At one point, the price break past the $5k level with no particular catalyst. However, after breaking this mark, it has taken a slight dip but still growing and making it way upwards.
As analysts have been predicting, once Bitcoin broke past the critical resistance at $4,100, it went straight to $5k. Now, it would be interesting to see the next target Bitcoin would aim for.
Bitcoin Leading the Rally But Altcoins Go Crazy as Well
It’s not just the leading cryptocurrency that is shooting up, however among the top cryptocurrencies Bitcoin is the highest gainer as altcoins are up between 6 to 10 percent.
After Bitcoin, Tron and Monero are the biggest gains among the top cryptos with over 11 percent greens.
Ethereum and XRP are the least gainers as both are up by 5 percent after Dash which is seeing a rise of only 4 percent.
Buggyra Coin is today’s top gainer with 137 percent gains followed by ABBC Coin with 44 percent greens.
However, there are still some reds, with Project Pai down 7 percent, KuCoin Shares by more than 6 percent and Tezos is down by over 5 percent.
This has the total market cap reaching $163 billion, adding $16 billion in an hour. This is certainly a big start of the April month. Let’s see if we will see Bitcoin hitting $6k in the coming hours or days and we start a new rally to another peak.
Bitcoin Price Settles Around $4,800 But $4,900 and $5K in Play
Bitcoin just has made one of the biggest rallies in recent memory going up over 12% in just a day. What’s interesting is that most of those gains were made in less than half an hour, between 4:20 AM to 4:55 AM UTC. The price of $4,600 marks a 4 month high for Bitcoin.
Many had predicted about a bullish run of Bitcoin in 2019, and not only regular crypto enthusiasts. Even billionaires such as Mike Novogratz, Changpeng Zhao, and many others expect to see a growth of Bitcoin price soon. Institutional investors are finally making moves towards the crypto industry. They may be slow and hesitant, but they are moving, which is a huge step in the right direction.
Mati Greenspan, a senior markets analyst at eToro, also weighed in on the bullish sentiment. Greenspan, a prominent voice in this industry, explained that BTC recently broke a key downsloping trend line that has managed to stop rallies dead in their tracks at levels like $8,500 and $6,500. The analyst calls this move “quite significant,” as it does signify that the cryptocurrency market is somewhat out of hot water, albeit not entirely.
Although we have to still be cautious. The top cryptocurrency remains under its 200-day moving average, which has been a pseudo-overarching resistance for BTC throughout much of 2018. Greenspan had earlier said that even if BTC manages to break the important resistance of $4,200, it has to still cross $4,600, which it just did. However, now there are chances of mass sell-offs by day traders.
Most other top coins have made gains too with Ethereum gaining 5.31%, XRP, 6.58%, EOS 8.43%, and Litecoin 7.95%. Tron is another top crypto project to have made double digit gains with 11.11 %.
The reasons for the bullish breakout still remains unclear, however, when the dust settles, we at BitcoinExchangeGuide will be the first to break the news to you. While you are here, make sure to read this post as a great opinion towards bitcoin and gold payment adoption debate.
7 Trending Crypto Twitter Community Feedback Tweets
One thing I learned from riding all the $BTC bull & bear markets?
That $20,000 #Bitcoin will be just another tiny blip on the price chart. #HODLGANG 🚀@bitstein @francispouliot_ @TuurDemeester @pierre_rochard @APompliano @theonevortex @ToneVays @jespow @woonomic @WhalePanda pic.twitter.com/bUp6RProeY
— Trace Mayer (@TraceMayer) April 1, 2019
The low #Bitcoin prices have gone on too long.
"Softfork proposal for minimum price of $50k USD/BTC"https://t.co/Si48prViUK
— Luke Dashjr (@LukeDashjr) April 1, 2019
#bitcoin chart update: 13 months to halving …
— planB (@100trillionUSD) April 1, 2019
$BTC Moving Averages (MA)
Since 2015 the Bitcoin Price has been above the 200 Week MA
In coming weeks, Bitcoin has the opportunity to retest the 200-Day or 200-Week MAs
Break above 200 DMA = Possible retest of $6k 📈
Break below 200 WMA = New Lows & prolonged bear market 🚑 pic.twitter.com/N3cdqvujN7
— Josh Rager 📈 (@Josh_Rager) April 1, 2019
— The Crypto Dog📈 (@TheCryptoDog) April 2, 2019
$BTC popped to $5.1k (BFX price). Target $5.4k then $5.8-6k if the $5.1 holds on the weekly close. Resistance from April-18 has been firmly broken and confirmed!
Once $BTC settles down, funds will start flowing into the usual alts again.
Pray for Bitmex traders. RIP pic.twitter.com/4DQL8BKmHq
— Ross Middleton (@ethfinexross) April 2, 2019
Live Bitcoin (BTC) Price:
1 BTC/USD =$9,575.3559 change ~ 0.48%
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