Bitcoin price rallied sharply a few days ago in what some traders have termed “the next crypto bull run.” so far it is the best crypto 2019 news and it seems to be getting better as time passes. The digital asset was a trending topic as the entire community was hyped about the price surge. However, traders and enthusiasts worry about whether the cryptocurrency can stay above the $5,000 level in the next crypto bull run.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin(BTC) has an attractive return on investment of about 3611 percent. The coin’s max supply is 21,000,000 BTC while the total supply is 17,626, 287 BTC. According to CoinMarketCap, the current market cap of the digital currency, at press time, is 88,552,672,440 USD.
Can bitcoin sustain the bullish trend?
In the past month, the digital asset has seen grown exponentially. Exactly one monthly ago, the digital asset traded at $3,855 with a market cap of $67,741,834,164 according to Live coin watch. Its market cap has risen by more than thirty percent in the last month. Until the first day of April, the coin hovered around $4,000.
It has outperformed all the other cryptocurrencies in the last couple of years. Even though the crypto winter affected BTC, analysts still believe that it would grow further. While it was stuck around $4,000, traders had no idea that it would increase to $5,000.
Still, this 25% increment in a 24-hour period has raised some concerns about the growth if the coin. If BTC sustains the trend, its next hit will be $5,500. The long-term investors may benefit better if they hold their positions as it will give dividends to cover up for the crypto winter.
BTC spike revives crypto stocks
Bitcoin’s bullish tone has impacted shares of crypto-related companies positively. The digital currency surged to $5,316 before it pared back some gains in late U.S trading. Crypto linked stocks in the Asian region benefitted from Bitcoin’s rally. Remixpoint Inc. in Japan was at the forefront of the gains with up to 16% gains on Thursday.
Also, the Bloomberg Galaxy Crypto Index rallied up to 28% during the week. This company tracks the largest digital tokens and it had suffered from months of inactivity before this recent rally.
Vidente Co climbed as well with more than 20 percent since the weekend. Omintel Inc. saw a 6.3 percent increase. These late gains of BTC helped push a post-market rally in the united states after the closure of Wall Street.
Riot Blockchain Inc saw a 12% increase during the trade on Wednesday. The company also saw an extra 12% growth at the close of trade. Smaller crypto firms such as Maratheon Patent Group and DPW Holdings Inc. rose slightly as well after the close of trade. Mike Novogratz, billionaire and crypto investor also benefitted from this rally.
Analysts believe that it wasn’t just a pump and that the digital currency can sustain its new price and even touch $5,500 soon. More consolidation can be expected from the coin as it targets a new multi-month high.
Can bitcoin stay above $5,000 in the seeming next crypto bull run? What are your thoughts?