After months of a brutally cold market that filled the industry with fear and uncertainty, it looks like Bitcoin is officially back from its extended break, so to speak. Investors and traders have ramped up the activity in the past few days and; the world’s premier cryptocurrency surpassed yet another obstacle in its recovery: the $5,500 threshold.
In fact, BTC has been gaining value for several days now and, at the moment of writing this piece; it was exchanging hands at precisely $5,619.68, which is a 2.08 % improvement over the last 24 hours. Bitcoin’s total market cap remains steady at $99,253,018,596, with $15,497,278,559 worth of BTC traded in the last 24 hours at the moment of writing this article, and a total supply of 17,662,000 BTC.
Reaching a Five-Month High
BTC’s long journey to price recovery, then, brought the coin to the $5,500 mark for the first time in more than five months. Not so long ago, the planet’s most valuable crypto asset was hovering around $6,000 and $6,500, and prior to Bitcoin Cash’s November 15th hard fork, it started to fall precipitously.
Starting on November 14th, BTC initiated a downward turn that took its value from the aforementioned number to less than $3,200 in a matter of weeks. Hundreds of investors, business, companies, and other actors within the community felt the effects of the crypto bear market that extended for months.
It should also be highlighted that BTC was once worth almost $20,000: December 2017 was the moment in which an unexpected surge initiated, with a mid-January climax that surpassed the $19,000 mark. From there, the coin alternated moments of stability with price falls, but had been over $6,000 for several weeks before the November 2018 events took place.
Breaking through the Latest Slump
In fact, Bitcoin reached a high of $5,650 for a brief period on April 23rd, at approximately 4:00 UTC, which is its highest value since last year’s November 18th. At that point, BTC’s market cap also reached its highest point since November, with $96.9 billion.
Brian Kelly, a known crypto personality and noted entrepreneur, stated in the past few days (before the latest surge) on CNBC’s “Futures Now that “probably a reasonable target is close to $6,000 for this move.” It seems that the asset is trending in the right direction.
Consolidating Its Dominance Rate
Bitcoin’s percentage of the total cryptocurrency market also went up. The indicator, known around the industry as “dominance rate,” was at 53.2 % at the moment of writing this article, according to the always reliable CoinMarketCap.
The cryptocurrency data platform also reported that most of the tokens ranked in the top 10 by market cap showed price gains, in most cases, over two percentage points. Cardano (ADA,) which surged 9.71% on the last day, was one of the best performers on April 23rd.
The industry as a whole continues to grow. The total market capitalization of cryptocurrencies rose to $184.3 billion, with an increment of 6.3 billion during the last 24 hours. However, there is still work to be done, as the all-time high stands at $835 billion, reached on January 7th, 2018.
By: Andres Chavez