Bitcoin Breaks $5,000 with Huge Daily Move
The year 2018 was a very interesting year for the cryptocurrency market. In January, we saw unbelievable growth to $20,000. This was followed by an unexpected bear market. Prices began falling, and people realised it was not just a correction in the market.
Bitcoin stable in Q1, then rises to $5,000
In the first quarter of 2019, there were few significant movements in Bitcoin’s price which remained between $3,400 and $4,400. No one knew if the currency had found the bottom. It was unclear if the token would continue to fall or if there we would see na end to the bear market.Notably, the transition into a bull market would not be an immediate. Things changed yesterday when the Bitcoin rose by over $800. This was a new four-month high, reaching a level of $5,000.
At the time of writing, Bitcoin had a sustained price of over $5,000 and the majority of the market was in the green. This indicates that the move may not just be a typical “pump and dump” and has some signs of a much more significant move upwards.
Other cryptocurrencies see gains after BTC rallies
As with many significant trends in the cryptocurrency market, it was unexpected. However, the entire market followed suit. Thus, many altcoins saw double-digit percentage gains for the first time in many months. Since then, they have not lost the upward momentum.For example, Ethereum has found support at the key level of $166. The previous high it experienced was in late February. On the other hand, XRP has seen less significant gains. That said, the $0.37-38 gain will be key for the next trend upwards.
Elsewhere, Litecoin has been one of the strongest performers in this latest surge. Following strong recent fundamentals, it has continued surging. With many people anticipating a correction in price, the currency is currently up over 100% in less than two months. In fact, $84 is an important level for LTC and this is where its price spiked today.
Cryptos move in tandem with BTC leading the charge
While the majority of the market moves in synchronicity, Bitcoin’s movements tends to determine the overall direction of the market. Whether BTC and the rest of the market have found a bottom or not, the transition into a bull market appears to have begun. Still, we cannot determine this with certaintly just yet.Price surges like this have become less common since the latter part of 2017. Clearly, the are being welcomed with open arms by those who have stuck around during the bear market.
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