Cryptocurrency Winter Ends, Market Gains $18 Billion In One Hour As Bitcoin Gets Double Digit Gains Above $5,000

This morning, the entire cryptocurrency community was jubilating as it saw the Bitcoin highest price since January. The Bitcoin price prediction 2019 has never been this bullish. All the positive fundamentals in the industry seem to have rippled into a cryptocurrency market pump that saw an extra $18 billion added to the cryptocurrency market within less than an hour. The Tim Draper Bitcoin price prediction, the Tom Lee Bitcoin price prediction and the fake Bitcoin ETF news among other things may have contributed to the Bitcoin price pump. As Bitcoin pumped, the entire cryptocurrency market followed as expected.

Bitcoin News: Bitcoin Price Prediction 2019: Bitcoin Smashes Key Resistances And Moves To $5k

The Tim Draper Bitcoin price prediction recorded on smartereum.com placed the price of Bitcoin at an unbelievably bullish level of $4 million. Why $4 million seems like a far cry from $4k, the Bitcoin price volatility this morning reminded us of how anything is possible in the cryptocurrency space. This is the same way the cryptocurrency market suddenly started rising in 2017 until it hit the Bitcoin highest price of almost $20k.

Per the Bitcoin price analysis on NewsBtc, the price of Bitcoin moved higher above the strong resistance at $4200, smashed every other resistance and hit the $5,000 mark. This is the highest price of Bitcoin this year. Bitcoin broke the triangle it has been trapped in for months surpassing the 200 EMA at $4,700 and confirming the end of the 15-month long cryptocurrency winter. After it got to the $4,700 level, the Bitcoin bull run had a downward reversal as expected. This pulled the price lower before it pumped higher again and didn’t stop until it hit $5,000. At the time of writing, the price of Bitcoin was correcting lower against the USD per CoinMarketcap.com. It was trading at $4,651.53. This shows that it is up by 12.59% against the USD but it is losing momentum. The trading volume is $13,805,406,329 and the market capitalization is $81,962,350,995.

Bitcoin Price Analysis: Altcoins Outperform Bitcoin In Crypto Bull Run

As the bitcoin bull run started and the price of Bitcoin moved higher against the USD, altcoins rallied beside the flagship cryptocurrency. Coins with low market capitalization outperformed Bitcoin in the cryptocurrency bull run. ABBC Coin gained by 30% and many others recorded similar gains. The entire cryptocurrency market capitalization gained almost $18 billion within a few hours crossing $162 billion. This shows that it was up by 12% within a hour. The trading volume also went as high as $43 billion.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$10,558.00
6.87%

Why is the price of Bitcoin and other cryptocurrencies rising? While the entire cryptocurrency market has been expecting a bull run, it’s safe to say that the pump this morning was mainly influenced by FOMO (anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media). Yesterday, fake, April Fool’s news circulated in the cryptocurrency space. One of the most impactful was the Bitcoin ETF news. Rumor circulated that the Bitcoin ETF was approved. Before the joke was called, the market was already reacting positively. For now, it’s not clear if Bitcoin will maintain the bullish momentum. We just have to wait and see.

What do you think? Did the fake Bitcoin ETF news cause the spike in the price of Bitcoin? Do you think it was the Tim Draper Bitcoin price prediction? Share your thoughts in the comment section.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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