Bitcoin seems to have found impetus for an upward surge as the coin gained 17 percent trading at $4,900 on Tuesday ending a slump of about four months.
The coin which broke the $4000 barrier months ago has struggles around that region in what analyst usually term horizontal trading. The new upward movement has spilled down to other altcoins such as Litecoin, Ether and Tron, all of which are making positive gains as at the time of filing the report.
Most Altcoins in Green
In fact, a look at the market chart from Coinmarketcap shows that the first 30 coins are all in green gaining between 7 and 21 percent. Among the gainers Bitcoin Cash (BCH) is taking the lead with a 24 hour gain of 21.02 percent.
Bitcoin, the architect of the bullish movement is presently at 15.27 percent gain compared with its price in the past 24 hours.
The coin moved up to $4,715 making a gain of $668 on Tuesday and has continued to make further gains that would likely find the coin trade at $5000 in the next few hours if the momentum is maintained.
Ethereum, the second most capitalized coin is trading at $159.63 having made gains of 12.16 percent over the last 24 hours. Ripple, EOS and Litecoin gained 9.58%, 14.21% and 16.62% respectively. The popular Binance Coin gained 7.66% and is positioned at number seven according to market capitalization of $2.7 million trading at $19.24.
Boost in Market Cap
Bitcoin still remains the largest cryptocurrency in terms of market capitalization. The bullish run has increased its market cap by $5.1 billion and currently settling at $84 billion, largest bitcoin market cap recorded in 4 months.
Despite the excitement in some quarters at the positive movement in the coin market, some analysts feel that there is no reason to be celebratory considering that December prices saw what they feel is manipulations that made the value of Bitcoin crash to $3000 ostensibly to give some big players good entry prices.
What is The Stabilizing Price for BTC?
According to market watchers with this view, the right price that signals stability is $6,500. This was the range at which Bitcoin exhibited its longest stability last year.
An Etherem trader considers today’s price movement a pump which may recur leading to higher prices or a dump that would lead to lower prices. A market analyst, Kryptqnick in his opinion about the current market situation stated:
“Getting closer to $5k is not a big accomplishment, since even when the prices were around $6k, we usually thought that it was bad. However, the quality of performance should be assessed relatively. If we look at yearly perspective, we could agree that Bitcoin has been doing well all along. If we consider the time span since ATH, the market is still bleeding.”
Considering that this is the first time BTC has rallied up to 15 percent, it is a remarkable accomplishment even though it doesn’t guarantee a massive run such as witnessed a couple of year ago, it give the market hope that there is light at the end of the tunnel.