Right after Saturday night, Bitcoin could be heard cheering out “You never got me down!” to those naysayers who speculated that it will “break down” after it barely reaches $4,000. And yes, that quote is one of Robert De Niro’s unforgettable dialogues from Raging Bull.
What’s with all the excitement?
Twittersphere’s excitement knew no bounds when Bitcoin had attained unprecedented heights in the market way back in 2017. And, guess what? Something bigger is already happening in the cryptocurrency market!
Presently, markets are trading at their highest levels; so much so that in the past fourteen hours, cryptocurrencies got puffed up with an amount close to $9 billion, raising markets to $144 billion, the highest point in 2019 till date. The daily volume has returned to around $30 billion, with Binance and OKEx paving the way. And, the best part? Bitcoin is back in the field, battling all odds since the crack of dawn on Sunday. Earlier today, it was trading at around $4,200, an increase by 5.2% (approximately). Bitcoin’s value had been at the shallow end of $3,900 for a week after it touched $4,000 on 18th February. Decline in trading volume compelled analysts to question the consolidation of the market before it got a boost in the near future. However, quite miraculously, the cryptocurrency market witnessed a spike in its trading volume, close to $27 billion on Saturday, which further increased the Bitcoin value to $4,140. Though the digits oscillate between $4,090 and $4,137, the 20% increase in its price, since the first of February 2019, cannot go unnoticed.
Is Bitcoin the only showstopper today?
The surprising pump-up in the Cryptocurrency market has not only catapulted the Bitcoin price, but also two other important crypto-assets currently dominating the market scenario— Ethereum and EOS. Ethereum has whooshed about 12% on the same day, arriving at the $165-milestone. The driving force behind Ethereum’s price-leap could possibly be the Constantinople and Petersberg upgrades which are due this upcoming week. EOS, the other cryptocurrency, also got a 12% increase and reached $4.30. Since the inception of 2019, EOS has made a 67% recovery, thus established itself as the fourth largest cryptocurrency today. Litecoin, too, is having a great time with the 7% surge as its value surpassed $52. Other top assets gained quite impressively, thus encouraging the crypto-market cap to climb above a staggering $139 billion.
The new week, hence, kickstarts with some amazing numbers on the cryptocurrency market stats. And all this directs at one inevitable event; once Bitcoin steps on the $5,000-mark, the heydays of cryptocurrency markets will not seem that far anymore.