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The soaring Bitcoin on Tuesday has put digital currency on the verge of entering a rarefied territory for the magnitude of its recent rally.
In the early afternoon, a single bitcoin
BTCUSD, + 16.08%
According to the Dow Jones Market Data, it's listed at $ 5,000, up 19.8% on the day. It's the biggest single-day hike since December 11, 2017 and the fifth-largest daily jump in more than five years, according to Dow Jones Market Data.
In the midst of all the bitcoin craziness, cryptocurrency has had only five earnings sessions above 20% in the last five years.
Lily: Bitcoin surged 20%: experts say about the move
And if you get the impression that some investors have been caught off guard by the soaring prices of an asset now known for its sometimes seismic gyrations, you would be right. In March, the bitcoin trading range was the tightest since early 2017 and the cryptocurrency closed the first quarter of 2019 with a trading range of 25%, the tightest price range since the second quarter of 2015 .
"It sounds like a blast from the past when I look at a bitcoin chart this morning," said Craig Erlam, Senior Market Analyst at Oanda. "Every time we have traded about $ 4,200-4,400 since the end of November, [the] the price peaked and headed south. "
Lily: Bitcoin is about to set another record – and it could actually be a good one
The number 1 digital currency in the world has recorded gains despite a series of news updates that would normally be bearish for prices.
On March 29, the Securities and Exchange Commission postponed two proposals for exchange-traded funds backed by bitcoins. On March 15, Cboe announced that it was throwing sponge with its forward bid for bitcoin.
But if history has taught us anything about Bitcoin, it is that the market has to wait for the unexpected.
Now, with bitcoin firmly above its lowest level of December 2018, the few glory days of 2017 – when prices climbed to nearly 20,000 US dollars in December of that year – begin to reappear: If investors do not immediately sell upward, it means we have not yet reached a balance, "wrote Jeff Dorman, CIO of Arca, in a note to MarketWatch.
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