Bitcoin Trades Over $5,000, is the Next Bull Run Knocking?

Bitcoin (BTC), the flagship cryptocurrency, has hit double-digit gains in the first 90 days of 2019, scoring its top quarterly performance since the fourth quarter (Q4) of 2017. Bitcoin is currently trading at $$4,766.06, with a market cap (MC) of  $84.141 billion. The total MC is at $162.649 billion.

   

BTC/USD   

According to Bitstamp data, the crypto ended March at around $4,096 which is a more than 10.9% increase on January’s opening price of around $3,693. Making the first double-digit quarterly increase since October 2017 during when the BTC prices had collected an astounding 220.8%.   

   

At the time, the market thought that by putting BTC futures on U.S exchanges would massively attract investors to enter the crypto world. Amidst all the efforts, the price plunged by over 73% in 2018.   

The current double-digit quarterly increase has happened after a protracted bear market but this time the trend is not like that of 2015 bull breakout. Considering the monthly price pattern, the crypto is slowly progressing from a bearish market.   

However, Bitcoin surged to its record level of the year on Tuesday morning (April 2), soaring above 22% to change hands at around $5,080.   

   

The leading crypto by market cap (MC) is still far behind its 2017 apex of close $20,000 and is still under its trading price of over $7,000 over 12 months back. Its all-time high was $20,089.00 USD (Dec 17, 2017) and all-time low was $65.53 USD (Jul 05, 2013).   

Crypto Community is Optimistic   

After receiving the full-basket of Bitcoin price, various analysts in the crypto field reacted in different ways:   

“Bitcoin is on fire at the minute as it punches through its previous resistance level,” said Simon Peters, analyst at eToro.” He added “it’s difficult to determine exactly what caused the jump, but it's most likely caused by short sellers covering their positions, adding to the upward pressure on the price.”   

As a matter of fact, all the top 100 cryptocurrencies on CoinMarketCap (CMC) have gained in their 24-hour trading prices (they are in green). Its only Paxos Standard (PAX), Project Pai (PAI) and Bibox Token (BIX) that are in red. PAX is trading at $1.00 (-0.27%), PAI is at $0.059504 (-1.16%) and BIX is changing hands at $0.477193 (-1.04%). You can see that they can still make it to green any time.   

ETH/USD and XRP/USD 

   

Ethereum (ETH) and Ripple (XRP), the second and the third cryptocurrencies by market cap, are also trading at $153.67 (8.18%) and $0.332179 (6.47%) respectively.   

 

The highest performing cryptocurrency of the day is REPO which is trading at $0.482723 (113.95% 24-h). at press time, REPO is in the 99th rank by MC.