Bitcoin surge to $4,800 for the first time in 2019 and remarkably did so in less than 24 hours. The bitcoin bulls are well and truly in control of the market. Digital asset investors who bet on bitcoin are sure to be excited about this latest bitcoin surge. This comes as bitcoin traders stayed bullish hopeful of a bitcoin etf approval despite the latest btc etf news concerning about two delayed btc etf decisions.
Bitcoin (BTC) Price Increase by 15 percent in 1 Hour
In what looks like a script from the 2017 bitcoin price bull ride, Bitcoin (BTC) price pumped a massive 15 percent as soon as it broke the $4,200 barrier heading for $5000. The bitcoin surge is remarkable because it took only an hour to pump from about $4,200 to over $4,800.
According to bitcoin price live chart on Coinmarketcap, BTC rose from $4,192 to $4,849 between 4:29 to 5:29 UTC. Within this period, the market cap of bitcoin added about $10 billion.
Bitcoin Price Gain Pumps Entire Cryptocurrency Market
All other major cryptocurrency recorded significant gains along with the bitcoin surge. Notably, Litecoin (LTC), Cardano (ADA), TRON (TRX) and EOS (EOS) posted double digit gains along with bitcoin (BTC).
Bitcoin Dominance increase to Yearly High
Also as a result of the bitcoin surge, the bitcoin dominance increased to 51.8 percent of the entire cryptocurrency market. As Smartereum reported, the bitcoin dominance began to drop to yearly lows in February and March until the latest bitcoin surge.
The entire cryptocurrency market capitalization has risen to $162 billion.
Bitcoin Price Today / BTC to USD
As at press time, 1 BTC to USD is trading at $4,762. Though BTC reached as high as $5,000 on some exchanges, it has relaxed though it could still continue the surge. Hourly charts at the time of writing show moderate gains by BTC. Expectedly trading volume for BTC also increased from around $10 billion daily to above $16 billion.
Bitcoin to Hit $5,000 and then $10,000 and $150,000 in 2023 – Bitcoin Price Prediction 2019
Just before the bitcoin surge, cryptocurrency traders and analysts were overwhelmingly bullish about bitcoin pointing to an imminent bull ride. Barely 24 hours after Smartereum published that every respected crypto analyst is in support of a bitcoin resurgence, BTC pumped the biggest it has managed since this year.
Interestingly, Josh Rager of TokenBacon recently predicted that bitcoin (BTC) will peak at $150,000 by 2023.
Why is Bitcoin Rising So Fast?
The $4,200 mark is s significant resistance point on the BTC price chart. As Smartereum wrote:
“If BTC stays above $4,200 there is a common belief among traders that it will go on to $5,000 and beyond.”
This has proven to be true as bitcoin raced towards $5,000 minutes after breaking the $4,200 barrier on Tuesday morning. This is for technical analysis of bitcoin.
The fundamental analysis of bitcoin suggest optimism around the coin and other cryptocurrencies due to a number of factors.
- Significant investments in bitcoin and cryptocurrency startups through blockchain-focused venture capitals show faith in the sector despite the well-documented crypto crash.
- Observers are confident of a bitcoin ETF approval after an SEC commissioner said the regulator will eventually approve a BTC ETF. SEC recently delayed the decision on two BTC ETF proposals opting against an outright rejection.
- Macroeconomic indicators signal weakening fiat currencies giving room or bitcoin to become a safe haven.