Bitcoin suddenly over $ 4,000 – here's why

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Bitcoin, who struggled to hang on previous attempts to win over $ 4,000, has now gone a little over the psychological barrier to gain nearly 4% over the last 24 trading periods.

The rise in the price of bitcoins comes as the daily volume of bitcoin transactions has exceeded $ 11 billion, the record since 24 hours since last April, while the price of bitcoins was trading at more than $ 8,000.

At the same time, the price of the ethereum, Ripple's XRP, its litecoin, and its bitcoin bitcoin rival have all progressed alongside bitcoin, each gaining between 5% and 18% and adding some $ 6 billion to the total value of the cryptocurrencies of the world.

Bitcoin's transaction volume peaks nearly 12 months has been taken as a sign that & nbsp; investors are not losing interest in Bitcoin, which remains the largest cryptocurrency in the world in terms of market capitalization, despite a certain margin. the so-called bitter crypto winter C & # 39; crippling the bitcoin and cryptocurrency sector.

The volume of bitcoin trade has long been closely tied to the price until November, a civil war-inspired market defeat that has allowed bitcoin volumes to hold up despite the rout of the crypto market.

However, as Bitcoin ticks higher, its dominant position in the market (defined as the bitcoin share in the total value of the cryptocurrency market) is down and has reached a new low of 2019 of 50.6% as the altcoins win.

The sudden rebound in bitcoin and cryptocurrency prices comes after This week's data suggests that investors in bitcoins and crypto may be about to flee the market again after stagnant prices in recent months..

The latest technical data now show that the demand for long-term bitcoins has deteriorated, which could mean an increase in sales pressure. The Bitcoin mobile average convergence divergence indicator has been steadily declining since mid-February.& nbsp;Bloomberg& nbsp;first reported.

Bitcoin bulls have been in effect for a few weeks,& nbsp;make bold predictions about the possible height of the bitcoin price& nbsp; and jumping on the news that & nbsp;The crypto winter could be coming to an end.

The price of bitcoin, which started in February at just over US $ 3,400 per bitcoin, increased by 11% during the month,& nbsp;break his series of six months of defeats.

"The whole industry is ready to resume the path of lower prices," Mike McGlone, an badyst at Bloomberg Intelligence, wrote in a recent report. "The conditions are similar to November, just before the collapse, prices are consolidating in increasingly narrow ranges, with some strong bear market recoveries that seem fleeting."

However, & nbsp;a renowned economic historian this week said that he was "very badly" about digital currencies as bitcoin and that current prices for bitcoin and cryptocurrency remain "very far" from scratch.

Niall Ferguson's comments follow the positive signals from some of the tech industry's heavyweights who have bet on the bitcoin train, despite mbadive market sales. & Nbsp; & nbsp;

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Bitcoin, which was struggling to keep its previous attempts to break the $ 4,000 mark, has now slightly moved beyond the psychological barrier, gaining nearly 4% over the last 24 trading periods.

The rise in bitcoin prices comes as the daily volume of bitcoin transactions has surpbaded $ 11 billion, the highest amount recorded in 24 hours since last April, when the price of bitcoins was trading at over 8,000 $.

At the same time, the price of the ethereum, Ripple's XRP, its litecoin, and its bitcoin bitcoin rival have all progressed alongside bitcoin, each gaining between 5% and 18% and adding some $ 6 billion to the total value of the cryptocurrencies of the world.

Bitcoin's trading volume, which has peaked for nearly 12 months, was seen as a sign that investors are not losing interest in Bitcoin, which remains the world's largest cryptocurrency in terms of market capitalization. , despite the hard period of winter crypto paralyzing Bitcoin and cryptocurrency sector.

The volume of bitcoin trade has long been closely tied to the price until November, a civil war-inspired market defeat that has allowed bitcoin volumes to hold up despite the rout of the crypto market.

However, while bitcoins are on the rise, its dominance of the market (defined as the share of bitcoin in the total value of the cryptocurrency market) is down and has reached a new low of 2019, 50.6%, as the altcoins win.

The sudden rise in bitcoin and cryptocurrency prices comes after data released this week suggests that crypto-bitcoin and crypto investors may be about to flee the market once prices stagnate. of the last months.

The latest technical data now shows that demand for long-term bitcoins has deteriorated, which could mean increased selling pressure. The bitcoin moving average convergence divergence indicator has been steadily declining since mid-February. Bloomberg first reported.

Bitcoin bulls have been in effect for a few weeks, Make bold predictions about the possibly high price of bitcoin and announce that crypto-winter could soon end.

The price of bitcoin, which started in February at just over US $ 3,400 per bitcoin, increased by 11% during the month, break his series of six months of defeats.

"The whole industry is ready to return to the path of lower prices," said Mike McGlone, an intelligence badyst, in a recent report. "The conditions are similar to those of November, just before the collapse, prices are consolidating in narrowing ranges, with some strong bearish market rises that seem fleeting."

however, A reputable economic historian this week said he was "very wrong" about digital currencies such as bitcoin and that current prices for bitcoin and cryptocurrency remain "very far" from zero.

Niall Ferguson's comments follow the positive signals from some of the tech industry's heavyweights who have bet on the bitcoin train, despite mbadive selling.