Forex and Crypto News

What happened with Bitcoin yesterday?

11:05 03 April /2019

The impulse of the cryptocurrency market continues on the second day. After yesterday's breakthrough, the most popular cryptocurrency Bitcoin continues to hold close to $5,000, showing a daily increase of 4.1%, according to CoinGecko.

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The rest of the cryptocurrencies were pulled up into the green zone and demonstrate quite good growth, in particular, Bitcoin Cash, which has risen in price by 41.7% and is trading at $258.

Ethereum rose by 9.5% and trades at $166.05.

An important indicator is the daily trading volume: today it shows a record $80 billion, according to Coinmarketcap, which is several times higher than the daily trading volume at the highest price of cryptocurrency 14 months ago. According to analysts, this figure may indicate large market prospects.

Bitcoin dominance amounts to 50.6% in the total capitalization of the cryptocurrency market, equal to 172 billion dollars.

Is this situation the beginning of the Bitcoin rally, - analysts' opinions are not unequivocal.

Mati Greenspan, a leading analyst at eToro, believes that yesterday's Bitcoin rally was triggered by technical factors. For several months, starting from mid-December, cryptocurrency being accumulated. With a stable BTC, the Altcoins rose sharply, some of them added 2-3 times in price. Gradually, conditions were created for the transition to a new trend. Overcoming the key level of pressure at the level of $4,200 and the presence of a large number of players led to an increase in the Bitcoin rate.

Arthur Hayes from BitMEX, supports Mati Greenspan, believing that the conditions for starting Bitcoin growth were created on the market since last December.

At the same time, Olifer von Landberg-Sadie, CEO of the BCD Group, suggested that the rally arose as a result of the infusion of $100 million on the three leading exchanges by one of the crypto whales. An order for the purchase of 20 thousand BTC, was distributed between the Coinbase, Bitstamp and Kraken exchanges, approximately 7 thousand BTC each, could cause a short-term price increase over $5,000.

According to analyst DataDash, the further development of the situation can interpret the price jump as a false rally indicator, if the price rolls back 50 percent from yesterday's growth in the near future. If the trades close below the 200-day moving average at $4714, you should restrain the bullish mood.

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