Bitcoin (BTC) has been making headlines for the past few days after its price surged past the $5,000 USD mark, thereby leading a bullish trend that also saw cryptocurrencies such as Ripple (XRP), Litecoin (LTC) and Ethereum (ETH) also join the bull charge.
The recent upside in Bitcoin and overall cryptocurrency prices has led to speculation that the long-lasting bull market is finally over. Many investors and analysts have jumped on the cryptocurrency investment train once again to take advantage of the surging prices.
Bitcoin has surged by 25.74% over the past week. Other cryptocurrencies have also experienced significant gains. For example,Litecoin gained by 53.20% during the past seven days, whileEthereum gained by 18.76%, and Ripple by16.12%. The recent recovery in the cryptocurrency saw the price recover from a massive bear market that has prevailed since early 2018.
The price of Bitcoin at the time of this press was $ 5,272.58 USD according to Worldcoinindex. This is great news for the cryptocurrency market considering that the last time the cryptocurrency’s price hit the $5,000 USD mark was November 2018.
Is it genuine volume?
There are still some questions regarding the market despite the current bull market. For example, are the surging cryptocurrency prices supported by genuine trading volume? More than $ 5.85 billion USD worth of Bitcoin was traded over the 24 hours. A report by Bitwise Asset Management that was published in March suggests that 95% of cryptocurrency trading activities might be fake.
The recent surge is believed to have been triggered by a large Bitcoin purchase although it is not clear whether it was by one individual or by a group.Either way, Bitcoin has clearly demonstrated impressive performance and one that analysts and investors hope will be here to stay.
Bitcoin was trading up 0.50 percent at $5,223.59 as of 9.15 a.m EDT. in New York. Rival coins Ether, Litecoin and Bitcoin Cash also jumped marginally.
Moreover, the combined value of the cryptocurrency market rose to about $186 billion earlier today, its highest level since Nov. 18.