Bitcoin investors went from being dismayed to ecstatic over the past week as the famous cryptocurrency surpassed the $5,000 mark for the first time this year. While this “bull run” is a shade of what it did back in 2017, it gained a steady 30% rise, shocking traders and analysts of what seems to be an overnight resurgence. The craze isn’t over, though as reports are suggesting that it once again moved a rung higher, suggesting that the upsurge is more than just a fad.
Forbes said in an article that prices soared “up to $5,240” per bitcoin, making the amount the highest it has gained since November of 2018. This also added another 3% to its total price and close to $4billion to its total market capitalization. The cause of the sudden surge, however, still has a big question mark hanging above its head, although this might have something to do with a “large trade order” from an anonymous buyer. This too played a role for the cryptocurrency to gain an unexpected wave of interest from the market that once lost their attention.
Last week’s bitcoin run also came with a rather curious stare from the community since several major “altcoins” succumbed to losses of around 0.5% to 4% each. eToro’s Mati Greenspan, while describing the “price action” to be “bullish”, needs to see it sustained. Simon Peters, on the other hand, was positive in bitcoin’s growth. He said that breaking the $5,000 barrier will stage a “lasting impact” on bitcoin’s future, and on how it can steady its gains,
Bitcoin’s turn of the tide also ended the so-called crypto winter to be over. Nigel Green described what bitcoin accomplished as a sign that they are back. The deVere Group Founder and Chief Executive added he believes bitcoin will still move higher and will have an encouraging to the rest of the crypto market. These outlooks coming from no less than some of the established names in the game confirmed that the rally was indeed imminent while at the same time crossing out a previous revelation that it would be short-lived.
Bitcoin and other altcoins will always carry their reputation to be erratic in their rise and fall. They can jump the bar by leaps and bounds, but they can also slump into a downward spiral just like that. The recent accomplishment can and will dictate the market and should instill an impact to its investors. Still, there is a need to monitor bitcoin’s movement since there is no telling when it will rise or when it will fall.