Bitcoin price has spiked and pulled the entire crypto market up with it prompting analysts and proponents to suggest that it will test the $6,000 level in the next few weeks.
As the week progresses, the cryptocurrency markets keep looking stronger. Bitcoin is dragging all of them up as it smashes through resistance to reach a new 2019 high. Today, Bitcoin’s price extended its April gains spiking past $5,500 for the first time in more than five months. Market capitalization is also rising towards $180 billion again.
At around 04:00 UTC, the world’s most popular cryptocurrency, picked up a bid. BTC accounts for over half of the whole crypto market capitalization. The price climbed to as high as $5,650 in less than 10 minutes on April 23. That represents the highest level that bitcoin has reached since November 18, 2018.
At the time of writing, bitcoin’s price has pulled back slightly, currently hovering around $5,560 across exchanges. Bitcoin just fulfilled the expectations of many of breaking resistance and surging to $5,640 according to TradingView.
The surge happened in almost an hour during the Asia trading session late this morning. This move puts bitcoin up around 7% today while the fabled ‘golden cross’ finally comes into play.
Market Outlook
The next stop can be $6,000 in the case that this momentum can continue in the European and US sessions today. Bitcoin’s individual market capitalization rose to $96.9 billion, its highest value since mid-November. Moreover, its market dominance now hovers around 53.2 percent, according to CoinMarketCap.
CoinMarketCap data also published that the cryptocurrency’s exchange trade volume surpassed 15 billion in the past 24 hours. Nonetheless, these figures may be slightly inaccurate as suggested by a recent report from asset management firm Bitwise. According to the report, 95% of the data on CoinMarketCap is fake. Only 10 exchanges report honest figures.
The 10 genuine exchanges combined reported $687 156 717 worth of total BTC trading volume in the past 24 hours as published by Messari.io. The exchanges include Kraken, Coinbase, Bitstamp, and many others. Normally, the USD value of most other digital tokens accompanies a strong move in bitcoin’s price.
The broader cryptocurrency market is flashing green on Tuesday with nine of the top 10 cryptos market cap rank gaining by at least 2%. The strongest performer is Cardano (ADA), up around 9% on the day.
During the day’s rally, the total cryptomarket capitalization raked in around $6.3 billion. It is now hovering around $183 billion.
The Bulls are Back
Since the start of April, the bullish sentiments have hit the market. Many analysts and commentators had diverse opinions on the direction that Bitcoin would take in the current trade cycle.
One analyst, under the nickname Willy Woo, compiled a list of prominent cryptocurrency influencers in one tweet.
I surveyed notable influencers, analysts and traders for their probability that the bottom is in for this bear market. Here are the results:
95% @woonomic (Adaptive Capital / On-chain Analyst)
90% @jespow (Kraken founder)
90% @arjunblj (Analyst)
85% @novogratz (Galaxy Digital)— Willy Woo (@woonomic) April 22, 2019
In fact, this means that Mike Novogratz is 85% sure that Bitcoin price won’t see new lows further ahead. Of course, we all remember how Mr. Novogratz was sure that Bitcoin would hit $40,000 by the end of 2018, sometimes making even more loud predictions, however, crypto community still has s a lot of credibility to this crypto bull, and it’s not for nothing.
