The last time when Bitcoin was at $9,820 we were in a bear market. However, the last time before April 2018, was November 2016, and we were in a constantly rising bull market. When looking at 2017 levels, after $9,800, Bitcoin price reached $20,000 in less than a month. Can we expect a similar increase sometime soon?
Today Bitcoin price surges up with +6%. The overall cryptocurrency market is seeing only green with the total market cap going pass $300 billion. Back at the end of 2017, the start of 2018, the overall market cap had reached its peak when it almost touched $800 billion but failed to hold that level as it heavily dropped to $425 billion in less than a month.
The cryptocurrency markets seem to be recovered as it looks like the bottom was reached on December 2018, when the price of Bitcoin was at its 2019 lowest – $3,200.
Some speculate that this is in the shadow of the upcoming Bitcoin Halvening in 2020 when the daily Bitcoin supply will be cut in half. Usually, after every halvening, Bitcoin price has seen a significant increase.
Other Alts Follow Bitcoin
Since it is known that altcoins usually follow the price fluctuations of Bitcoin, this time is no exception. As Bitcoin rises +6% today, the majority of altcoins also sets new 2019 all-time highs.
For example, Ethereum is the top gaining altcoin, going up almost +8% today. Ethereum also sets a new 2019 high, reaching $290. Additionally, Binance Coin still is sitting on an ever-growing price rise, reaching all-time highs of $37.80. This could be the impact of the recent BNB Elrond (ERD) token sale lottery where users have to accumulate an average BNB amount for 9 days in order to qualify for a lottery ticket in the Elrond token sale.
Moreover, Bitcoin Cash is also one of the top gainers out of the top 10 most popular cryptocurrencies, surging +7% today. Also, XRP finally rises almost +4%, even though it declined after the big news of a partnership with MoneyGram.
However, on the biggest gainer and loser side of CoinMarketCap, we see many “dead” altcoins pumping as much as +400% and even more.
Gold Reaches Its Highest Levels Since 2013
While today we celebrate the rise of cryptocurrencies, the traditional commodity king – Gold, also touched new 5 year highs, reaching $1388. This happened after Wednesday’s FOMC meeting, where the US central bank left interest rates unchanged.
“US Treasuries rallied on the heels of the Fed news, sending yields lower. Bond yields typically fall when investors expect a rate cut. On Thursday, yields on the 10-year US Treasury bond fell below 2% for the first time since late 2016,” writes FXStreet.
Some even say that this is tied to the geopolitical tensions in the Middle East. In an Iranian shooting, a U.S. drone got shot down on Thursday. This action boosted oil prices and supported safe-haven assets.