The crypto market has made a spectacular return as it added $28 billion in the past 48 hours. The bitcoin price surged past $7,400 and hit a new 2019 high, marking the start of a new bull market.
In many major markets, the volume of bitcoin has returned to the late 2017 level with the “real 10” daily spot volume of bitcoin surpassing $1.9 billion.
The bitcon price hit a new 2019 high after surging over $7,500
The “real 10” volume calculates the daily volume of BTC using ten exchanges that have more than $1 million in legitimate volume. In March, the “real 10” volume was estimated to be around $270 million.
Why is Bitcoin Rising so Rapidly?
Alex Krüger, a global markets analyst, said that the recent rally of BTC was initiated without the involvement of the mainstream.
The upward momentum of the crypto market in the past three days was likely caused by existing capital within the crypto market moving into major crypto assets, rather than new money flowing into the market