In today’s live coin watch, decentralized protocol Tether (USDT) has reportedly attained a new high in terms of Daily Volume after reaching 38,150. This comes as bitcoin sees a surge in price in what is considered the next crypto bull run. It can be recalled that Tether Limited has been subject to controversy since the network issued its native stablecoin USDT. According to a recent report by The Block, USDT made history when its daily volume reached its highest ever at 38,150. This is according to data provided by CoinMetrics.io.
Based on the data collected, there were reportedly 38,150 USDT transactions processed as of March 31. To show how the reserves are covered for the stablecoin, Tether Limited posted an update on its website that every one of its native tokens is backed with “reserves.” The “reserves” come from fiat and “cash equivalents.” They are actually situations where “other digital assets and receivables from loans given by Tether to 3rd parties.”
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) Price Rises to $4,800: Does This Mean the Next Crypto Bull Run is Here?
In a move that could see the initiation of the next crypto bull run, Smartereum understands that Bitcoin (BTC) attained a massive price increase from $4,200 to $4,800 in a matter of minutes. This shift demonstrates a 20% gain in such a short period.
The resistance position which is $4,200 is a position that the Bitcoin (BTC) has struggled to break from in over four months. Now in today’s live coin watch, with Bitcoin, we see that this price position has been broken for the first time. This price movement has led many technical indicators to turn and allow the leading cryptocurrency surge substantially. Only time will tell if this is a catalyst for the next crypto bull run.
Are We Near the End of the Bitcoin (BTC) Bearish Season?
Earlier in the week, Alex Krüger who is an economist and world market analyst said a price movement that will see the Bitcoin (BTC) move above the $4,200 price level. He also said it could bring the end of the extended bear trend. This bearish season began in January of 2018 and has lingered for at least 16 months now.
The momentum of the Bitcoin (BTC) price passed its crucial $4,200 resistance position. Immediately, it led the leading digital currency to break out of the $4,300 area. It also led to the breach of the $4,400, $4,500, and $4,800 price positions. This is something many crypto analysts predict could now go high as the mouthwatering $5,500 in coming days should this pattern continue.
This Monday, one crypto technical analyst said an $80 million sell space is awaiting just above the $4,200 position. Buyers had to absorb the $80 million sell wall and push the price of the dominant cryptocurrency above the much-anticipated resistance level.
Once this price position was broken, it set off a short squeeze on the major trading exchanges. This will eventually intensify the upward price movement of the Bitcoin (BTC).
Can the Dominant Cryptocurrency Rise Further?
Several traders have agreed that while BTC could slightly retrace to $4,200 and $4,300 in the short-term. Also, $5,000 and $5,500 is going to be a reasonable target for the leading asset class.
According to one crypto analyst, as long as the Bitcoin (BTC) price remains above $4,000 in the short-term, the digital asset will be on its way to completing a recovery to its previous levels.