Bitcoin fluctuates near 8,000 USD mark recovering from the early corrections. The cryptocurrency is trading at 8,068 USD at 07:30 a.m. ET, registering a slight increase during the day.
Bitcoin continues to impress in 2019, and recent figures show that positive growth this year can be a catalyst for greater appreciation. Only in 2019, Bitcoin grew by 140%, after the price dropped about 87% in 2018, after reaching its historical high of almost 20,000 USD in December 2017. Within five months, the biggest cryptocurrency has managed to “return to life”.
It is noteworthy that Bitcoin’s domination reached 60%, which was last achieved in December 2017, when the digital currency started pumping to its historical high. The recent jump in cryptocurrencies has prompted traders to transfer their funds to Bitcoin.
Not surprisingly, with the huge price increase and the high 16-month domination rate, Bitcoin’s trade volume also peaked. Last week, the 24-hour trade volume rose to 28 billion USD, and recently reached 32 billion USD after the cryptocurrency crossed the 8,000 USD level. Moreover, the popular crypto exchange BitMex, which the traders use to bet on Bitcoin price with 100x leverage announced that the exchange has reached a new 24-hour record of 10 billion USD in BTC. All these facts suggest that uptrend in Bitcoin’s prices comes after its mass adoption and higher volumes than specific speculations.
Long-term Bitcoin price analysis
Bitcoin and the entire crypto market are currently in a solid upward trend, sending the price of the largest cryptocurrency to new peaks. This upward trend has all the advantages of the early stages of the bullish market and many analysts believe that BTC has reported significantly higher profits than expected.
Looking at the historical data, it is clear that Bitcoin can make a major jump within the next upward trend, which may send the price to 78,500 USD in the coming years.
Although the rapid movement of the Bitcoin to the region of 8,000 USD has led many traders and analysts to believe that jumping to 10,000 USD is inevitable, its inability to maintain stability in this price region may signal that further consolidation is needed.
Moon Overlord, a popular cryptocurrency analyst, recently shared his thoughts on Bitcoin, noting that breaking down the parabola that BTC has formed may result in a fall in price levels of around 5,800 USD.
Crypto market recap
Major cryptocurrencies are on the rise today. Ethereum rose by 12% to 231.50 USD, Ripple (XRP) added 14% to 0.4343 USD. Both cryptocurrencies soared after Coinbase opens up trading in New York. Many analysts consider that the Ethereum may outperform Bitcoin in the next bull run.
The double-digit rise was registered by Stellar, Cardano, and TRON.
The appreciation of Litecoin, EOS and Binance Coin is smaller, but remarkable, with all digital currencies adding between 3% and 6%.
However, the biggest loser today is Bitcoin Cash, which fell into the red, wiping out 1.65% to 386.95 USD.
The total cryptocurrency market value continues rising and reached 246.619 billion USD.
The SEC postponed the decision for Bitwise Bitcoin ETF
The US Securities and Exchange Commission (SEC) once again postponed the decision on the Bitcoin ETF.
In a new document published by the SEC, the regulator said it would postpone the decision on the BTC exchange-traded fund proposal submitted to the NYSE Arca. The proposal was submitted for the first time in January this year, launching a new race to launch the ETF in the US. This competition is expected to bring fresh money – and therefore liquidity – into the cryptocurrency market.
At the end of March, the SEC postponed the decision on Bitwise and VanEck / SolidX. The regulator has not yet endorsed all of the Bitcoin ETFs, although experts and agency staff believe it’s a matter of time.
Crypto Crescent Asset Management, a digital asset manager and fund manager, has also proposed an ETF, which will provide customers with both Bitcoin and Ethereum.
The company that has partnered with NYSE Arca has not yet officially submitted its offer.
Bitwise still believes the proposal should be approved. In a comment to earlier this year, Hunter Horsley, the co-founder and CEO of Bitwise, noted that crypto-assets as a class of assets are in their “most viable” state.