Bitcoin’s price has continued to extend its recent rally to a price level beyond 8,000 USD. The price of the largest cryptocurrency appreciated by more than 14% to 8,0400 USD at 03:05 a.m. ET.
The recent bull run began on April 30th and the cryptocurrency has almost doubled in price in the past 2 weeks. Moreover, last Wednesday the Bitcoin had risen to 6,000 USD for the first time this year and just five days later reached a new 2019 high of 8,000 USD.
Of course, the cryptocurrency reached much higher levels in late 2017 and early 2018. Bitcoin’s current price is less than half the all-time high of 19,500 USD set in December 2017 and reaching the highest level since July 2018.
Some analysts believe that Bitcoin will reach the 9,000 USD level in the next few days or weeks after which it will test the 10,000 USD level.
The real reason behind the recent bull run is unclear. In the past 24 hours alone, Messari data reveals more than 27 billion USD worth of Bitcoin was traded across exchanges, whereas 2.1 billion USD was traded solely on the 10 exchanges Bitwise Asset Management identified as the only exchanges reporting honest volume figures.
There have been a series of events that should have impacted cryptocurrency prices negatively, but the recent market proves that crypto has a mind of its own and is not necessarily affected by current events. Many thought that the Binance hack, the recent seizure of the darknet marketplace Wall Street Market and the takedown of Deep Dot Web would have negatively impacted the market, however as we have seen Bitcoin’s bull run only intensified.
One reasonable speculation as to the reason behind the recent price hike is institutional money flowing into cryptocurrency. After all its not only Bitcoin that has recently risen in value. Nearly all cryptocurrencies are seeing double-digit percent price gains and the overall crypto market cap is up over 50 billion USD this month alone.
Cryptomarket is generally into the green. The Altcoins rose sharply on Tuesday, with most remarkable being the appreciation of the Ripple (XRP), which added 21% for the day to 0.3857 USD. The cryptocurrency enjoys strong support by the news that Germany’s second largest exchange, Borse Stuttguard, listed two crypto-based ETNs or Exchange Traded Notes. The ETNs will enable the traders to bet on the price of Litecoin and XRP, available from May 13. The Exchange can be made in Sweden Krona (SEK) and EUR.
Ethereum appreciated by 11% to 209.79 USD, crossing the key threshold and turning it into the support zone. The second largest cryptocurrency gained momentum and traded to a new monthly high at 210 USD, before correcting slightly. If the buyers continue above 210 USD, further resistance lies at 212 USD and 221 USD.
Bitcoin Cash, Litecoin and EOS are all up from 7% to 13%.
The total cryptocurrency market value rose to 239.745 billion USD and only for the day added 20 billion USD.
Cryptocurrencies in real life
Several cryptocurrencies are now accepted as payment by tens of thousands of US traders across the Flexa network. Chains such as Whole Foods, Baskin Robbins, Lowe’s, and Nordstrom will now accept Bitcoin, Ethereum, Bitcoin Cash, and Gemini Dollar.
The first Flexa application, SPEDN, is designed to allow people to spend cryptocurrencies. The app allows consumers to spend in fifteen of the biggest brands including Whole Foods, Petco, Lowe, Nordstrom, Baskin Robbins, and others.
The payment network bypasses the existing infrastructure by building new US terminal terminals.
Flexa says it will be able to reduce processing fees, reduce fraud, and keep users confidential with their new crypto network.