Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
On Tuesday, Bitcoin price jumped nearly 20% in just under an hour registering massive recovery after heavy consolidation. Along with Bitcoin, altcoins too have joined the bull show.
The overall cryptocurrency market is witnessing a strong recovery today adding over $15 billion in the last 24-hours. The world’s largest cryptocurrency. Bitcoin (BTC), leads this massive rally. At the press time, Bitcoin price makes $4675.57 with over 13% recovery in the last 24-hours.
On the daily charts by CoinMarketCap, the Bitcoin price shot to $4849, nearly 19% from its previous day price. Also, the weekly chart shows that Bitcoin has been consolidating in the range of $4100-$4200. The latest price surge brings huge relief to Bitcoin investors who were patiently waiting for this recovery.
With today’s recovery, Bitcoin’s market cap has surged over $82 billion as the cryptocurrency still continues to dominate over 50% share in the crypto market.
Altcoins Supporting the Market Recovery
Although Bitcoin stands at the top, all the top-twenty altcoins provide the necessary fuel for this massive recovery. A simple glance at the price stable shows that all the top-twenty altcoins have surged between 5-15%.
Ethereum (ETH) with a 5.53% gain is trading at $150.20 at the press time. Over the last one week, Ethereum has shown steady progress gaining nearly 15%. Overcoming the crucial resistance of $150, Ethereum’s market cap now stands at $15.8 billion. Although maintaining a huge distance from Bitcoin, Ethereum is the second most-valued digital currency at this point.
Ethereum’s immediate competitor and the number-three cryptocurrency, XRP, also makes a 5.33% surge. At the press time, XRP is trading at a price of $0.32 with a market cap of $13.6 billion. Ripple Labs continues to expand its global market partnering with banks to use its XRP-based solutions.
Recently, Ripple joined hands with India’s Federal Bank who will use XRP for instant and low-cost cross-border payments. Also, to bring XRP into mainstream adoption, Ripple sponsored startup XRPL Labs is preparing to launch a new XRP payments app.
Here is a quick synopsis of the gains by all other top-ten altcoins. EOS gains 8.04%, Litecoin (LTC) gains 8.31%, Bitcoin Cash (BCH) gains 7.11%, Binance Coin (BNB) gains 7.54%, Stellar (XLM) gain 6.67%, Cardano (ADA) gains 7.36%, and Tron (TRX) gains 10.71% respectively.
End of the Bear Market?
We all know that Bitcoin has been in a massive bear market since December 2017, post its lifetime high. Over the last three months, Bitcoin’s price movement has remained in the range between $3000-$4000. Several analysts have also hinted that Bitcoin has already reached its bottom and headed for an upward journey.
Earlier this week, popular analyst and trader Alex Krüger said that any break out above $4200 will mark the end of Bitcoin’s bear market.
“This is not a call. Not a matter of aging well or not. A break above $4,200 technically ends the bear trend that started Jan 2018. Facts don’t care about opinions. If strong selling resumes later on, that would represent a different trend,” he said.
With over 20% surge in just under an hour, the analyst predicts Bitcoin price to go as high as $5500 in the short term.
That's what no resistance looks like. Nothing but hot air above 4200. The longer the wait, the harder the break. This is what technical analysis is for. $BTC +20% in 45 minutes.
— Alex Krüger (@krugermacro) April 2, 2019
Well, such a recovery in the market was long overdue and gives investors a new hope while setting up the base for the next bull run.