Bitcoin Market analysis

Is the Crypto Winter Finally Thawing?

The price of world’s largest crypto-currency by market capitalization, Bitcoin, soared by 17 percent within 30 minutes on Tuesday to reach its highest level in four months.

The data displayed by crypto publication Coindesk, shows BTC spiking to the $4,715 mark on Tuesday at 04:32 UTC, accompanied by a large injection of bullish volume with an hourly market close that was $668 higher than the hourly market open.

At press time the price of Bitcoin (BTC) was up 19.17 percent over a 24 hour period, trading at $4,926 after breaking out from a stubborn area of resistance at $4,192. The crypto-currency as a result continues its recent positive trend making higher highs and higher lows that have not been seen in months.

The ‘mother’ of all crypto-currencies Bitcoin’s market capitalization has also seen a significant increase, rising from $5.1 Billion on the day to $78.8 Billion; its highest since Nov 22, 2018. The notable move from comes at a time of contention for Bitcoin buyers who have kept placing orders to the point of breaking through three major resistance levels at $4,200, $4,420, and $4,567.

Bitcoin is just one of many crypto-currencies enjoying a large injection of liquidity into the markets with Litecoin, and Ether also making gains of 8.1 percent and 5.5 percent respectively. Tron leads the pack among the top 15 major crypto-currencies after registering gains of up to 12 percent.

What looks like the recovery of Bitcoin as well as other crypto’s as well is going down well with a lot of enthusiasts. Social media was abuzz with crypto enthusiasts celebrating the leaps Bitcoin and other cryptos were making. Could the latest news mean that the crypto winter is finally thawing? We’ll just have to wait and see.

Image courtesy of Pexels

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