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.
For the second consecutive day, Bitcoin price and the overall crypto market continues to march ahead with massive trading volumes.
We are in the second day of the massive crypto market rally, and it looks like the bulls don’t wish to give up at this point. On Tuesday, April 2, Bitcoin (BTC) price made a massive recovery surging over $4600, a 13% price jump in a single day. Besides Bitcoin, bulls took the charge over the entire cryptocurrency market adding $15 billion to the overall market cap.
On the second day of the rally, the scenario looks quite similar. The Bitcoin (BTC) price is up 5.5% as the world’s largest cryptocurrency is trading at $4923. Bitcoin is just short of its $5000, however, it has managed to trade above this level for a momentary period.
The Bitcoin market cap has surged to $86.8 billion as the cryptocurrency continues to still dominate over 50% of the crypto market. Besides Bitcoin, almost all of the top-ten cryptocurrencies are showing gains between 5-20%. Ethereum (ETH), in the second position, has gained nearly 10% and is trading at $165 with a market cap of $17.3 billion. While XRP is trading at a price of $0.34 with a market cap of $14.5 billion.
Litecoin (LTC) continues its upward journey with strong conviction trading at $79.61. EOS manages to cross the $5 levels with over 11% gains. The show stealer of the day is Bitcoin Cash (BCH) with a whopping 37.15% gains. At the press time, BCH is trading at $248 with $4.4 billion market cap.
At the press time, the overall cryptocurrency market is witnessing a record-breaking $78 billion 24-hour trading volume.
Shift in Investors Sentiment
While investors were looking behind the possible reason for Tuesday’s Bitcoin, Oliver von Landsberg, CEO of crypto firm BCB Group, provided the reason behind it. Speaking to Reuters, Landsberg said:
“There has been a single order that has been algorithmically-managed across these three venues [Coinbase, Bitstamp, and Kraken], of around 20,000 BTC… If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour”.
Bitcoin bull Brian Kelly told CNBC that he’s witnessing a significant shift in the investor sentiment. He added:
“All indications that we have — whether it be fundamentals, technicals, the quantitative analysis we do — all suggest that we probably have at least started to put in the bottoming process.”
Furthermore, Kelly stresses on the fact that this move is “happening on improving fundamentals and improving institutional sentiment.” He says that Tuesday’s Bitcoin rally shows a broad-based institutional interest.
“Even high net worth individuals, family offices, are starting to take a serious interest” in bitcoin, Kelly said. “There’s a couple of major brokerage firms that are rolling out some custody solutions. So there’s quite a bit going on under the surface.”
Kelly also sets a reasonable target of $6000 for Bitcoin in the short term. It is certainly a moment of happiness for all the Bitcoin and cryptocurrency enthusiasts. Hope that this early April rally sets that stage for a massive recovery in 2019, and so we can see more institutional players like Bakkt joining the crypto market in the near time.