After today’s breakout, bitcoin (BTC) now needs to move above crucial resistance near $5,200 to solidify the case for a longer-term bull market.
The world’s largest cryptocurrency by market capitalization crossed the last bearish lower high of $4,236 (Dec. 24 high) at 04:30 UTC Tuesday and jumped to $5,080 – the highest level since Nov. 19 – confirming a transition from a bear to a bull market.
The price of BTC skyrocketed, gaining more than 14 percent in the space of one hour early Tuesday. Hovering around $4,650 at press time, the coin peaked at $4,849 early on April 2, according to CoinMarketCap stats, before dropping slightly and trading sideways to press time.
The total market capitalization of all cryptocurrencies has significantly increased during the sudden market surge today. While yesterday’s highest point was at $146 billion, today’s peak was at $163 billion, declining to $159.4 billion at press time.
Sudden swings in Bitcoin are nothing new, but price action had been relatively subdued this year as investors weighed the prospects for mainstream adoption after last year’s 74 percent crash. Market participants say big buy orders in Bitcoin can often lead to outsized moves, in part because volume is spread across dozens of venues. Trend-following individual investors and short covering can also exacerbate volatility.
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