BTC Wires

Crypto Market Gains $6 Billion in Recent Upward Movement, Is the Bull Round The Corner?

After months of prolonged crypto winter, the crypto trade market finally saw some green and in the last 24 hours, the upward movement has added $6 billion to the crypto market. The surge in prices has been quite evident in most of the cryptocurrencies but Bitcoin was the biggest gainer. Bitcoin has finally broken the $4000 barrier, and the time of writing it was trading at $4054.

2018 marked the longest crypto winter where the majority of the cryptocurrencies lost a significant portion of their market valuation. However, the crypto market has been quite bullish since the start of the year 2019 but still faced strong resistance. The recent surge has got everyone excited as the next bull run has been predicted to take charge.

Bitcoin and Other Altcoins In Green

This was not the first time that Bitcoin has crossed the $4,000 mark this year, however, every upward movement beyond $4k for Bitcoin has been followed by a rally of downward movement bring its prices below the $4k mark.

The recent surge in prices has seen the majority of the top cryptocurrencies like Ethereum and Bitcoin cash also take an upward stride gaining anywhere between 3-18 percent hike in their trading prices in the last 24 hours.

Bitcoin Cash has been the biggest gainer moving up by 18% taking its prices beyond $150 after quite some time. The progress of BCH is being attributed to loads of development work going on the network. Apart from Bitcoin and Bitcoin Cash, Etheruem also saw its prices surge past the upper resistance level of $140. Currently, ETH was trading at $143 at the time of writing.

Analysts are Quite Bullish About Bitcoin

Many trade pundits and cryptoanalysts are of the belief that 2019 would again be the year of Bitcoin, just like 2017. The next bull run for the trade market is speculated to hit in 2019, however, the timing cannot be certain. Many bitcoin bulls have predicted that Bitcoin might gain in upwards of 84% this year.

Whether these predictions would come true, only time would tell. However, this was not the first time that such predictions have been made, even in 2018 many Bitcoin bulls predicted the prices to double from its peak value of 2017, but these predictions fell flat when the bearish market trends continued for over 6-months taking the prices down by almost 80% for the top cryptocurrencies.

looking at how trade markets behave, the bull run is kind of inevitable given such a prolonged crypto winter and the increase in adoption of Bitcoin and other cryptocurrencies in recent times.