The cryptocurrency markets have suddenly and somewhat unexpectedly jolted to life in the past couple of hours. Notably, the cryptocurrency market as a whole has surged over $30 billion as the Bitcoin price reaches its new 2019 high.
Crypto markets surge, Bitcoin price reaches new 2019 high
The last week has seen Bitcoin consistently trade around an $8,000 level. Some believed the cryptocurrency markets were in cool-down mode, consolidating their recent gains before the next crypto bull run.
Others, however, were suggesting that the air had gone out of the cryptocurrency market once more. In fact, a crypto blogger proposed that Bitcoin was now set to nosedive, and that the past rally was merely a brief knee-jerk reaction following the crypto winter.
Specifically, the blogger Kevin Godbold claimed that the past months’ upswing in Bitcoin price was a ”dead cat bounce”. Furthermore, Godbold argued that investors would abandon Bitcoin now that prices had ”stabilized”.
”Sooner or later, the speculators will run out of fire power, and when we reach that point, bitcoin is likely to plunge again. To me, the up-move looks pretty full, so bitcoin looks riskier than ever right now, and I wouldn’t touch it with a bargepole.”
Now, however, those naysayers are likely keeping a low profile – as the cryptocurrency markets have surged to new 2019 highs. At the time of writing, Bitcoin is trading at $8,712 – however, the premier cryptocurrency recently topped out at $8,905.
Could this cause Bitcoin to surpass $10,000?
This means that the price of Bitcoin is approaching the psychologically important $10,000 barrier. As such, analysts are already asking whether Bitcoin can breach its next major resistance level at $9,650 and surge further.
Moreover, the fact that the Bitcoin price reaches new 2019 highs gives a good indication of the overall cryptocurrency market. The total cryptocurrency market capitalization has also jumped significantly and is currently at around $270 billion.
This recent flash rally saw the overall trading volume increase as well. Although it is unclear whether or not this price increases will last, it is nonetheless a notable market movement. That the Bitcoin price reaches a new 2019 high can be seen as confirming the past weeks’ bullish market sentiment.
With that said, the main catalyst for this surge in the price of Bitcoin and other cryptocurrencies is still unknown. Whether this strong upward movement will continue during the coming hours or subside is similarly unclear. Nevertheless, that Bitcoin reached a new 2019 high will likely be welcomed by all cryptocurrency supporters.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.