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The Bitcoin price became the only topic of interest for the markets, both inside and outside the cryptocurrency, on April 2, after Bitcoin reached $ 5,000 for the first time in 5 months .
Bitcoin price reaches $ 5,000 in one hour
Data from Bitstamp, the leading cryptocurrency exchange, which provides one of the most conservative price flows for bitcoins, showed a spectacular rise in BTC / USD on the night of April 1st.
In just one hour, Bitcoin managed to gain 22%, reaching a high of almost $ 5,000 before correcting.
At the time of the press, the BTC / USD was around $ 4,700, but volatility remained as commentators attempted to understand the momentum behind the move and its implications for the future.
The brief theories of the cryptocurrency industry did not initially highlight a specific factor that caused the price of Bitcoin to rise to halfway its levels before 2018.
At that time, as Bitcoinist According to reports, it is the effect of a disputed range in Altcoin Bitcoin Cash that caused the price to fall from around $ 6,500 to $ 3,130 a few weeks later.
Bitcoin's $ 5,000 trip, in line with previous price shifts, has in turn attracted the attention of the media and mainstream consumers. Data from Google Trends shows a clear increase in the desire to know Bitcoin and Bitcoin prices as markets progress.
Another achievement, the implementation of Bitcoin Lightning Network has reached a total capacity of $ 5 million for the first time after Monday's action.
Technical rebound or something more?
Samson Mow, CSO of Blockstream, reacted abruptly. concluded the new increase is simply attributable to investors who buy and hold bitcoin.
"The current rise in the price of Bitcoin has been caused by the increasing number of people buying and holding."
– Samson Mow
(Media, do not hesitate to quote me in the articles.)
– Samson Mow (@Excellion) April 2, 2019
This model is played in the meantime on the trading platform BitMEX, which sees liquidations worth hundreds of millions of dollars as Bitcoin bounces up and down.
Others have hinted that, temporarily or not, the $ 5,000 reversal could usher in a new trend. The details were also rare. The social media personality known as Parabolic Trav, for example, has made a rare reappearance on Twitter – a habit that usually tends to accompany final price changes.
Monday, Bitcoinist Filb Filb has announced that the underlying conditions would facilitate a break-up in Bitcoin prices in April.
"In summary, the Bitcoin and broader cryptography markets are showing all the positive signs of a market that is trying to find a fund and is doing it regularly," he wrote, pointing out that the depth of volumes remained an obstacle. with consistent inversion.
Regarding the search for low points, badysts remain divided on the question of whether the record bear market Bitcoin will last longer.
Pantera Capital, more optimistic last week, said the Bitcoin block reward next year would halve the amount of rewards as a catalyst for price growth. The effect of training could occur as early as next June, he suggested, based on previous halving event calculations.
What do you think about the Bitcoin price of $ 5,000? Let us know in the comments below!
Images via Shutterstock, Tradingview.com
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