Bitcoin, the leading crypto by market capitalization, has tested the $5,000 price mark. This is happening for the first time since 2018 November when it attained such price. For the fourth day in a row, the cryptocurrency market has been on a serious rise. Even though there are certain top cryptos that have witnessed a little surge in terms of the price, a host of others have continued to record double-digit gains.
BTC’s Highest Price In 2019
At some point yesterday, this leading virtual coin spent some hours above the long awaited $5,000 price mark. The crypto also skyrocketed yesterday and attained more than 14% in price within a period of 24 hours. According to the market statistics, the leading crypto coin peaked at $5,043 before settling back at $4,900. It is currently trading at sideways, and at times, hover at around $5,007.
Based on the current charts, the market capitalization of this world’s top coin has gained more than $1 billion. This happened when Bitcoin was trading mostly at around $4,700. During yesterday’s night peak, the coin was able to attain a market cap of about $88 billion. As at now, the market capitalization of this crypto now totals at around $87.4 billion.
Ethereum’s Green Days
Based on the market capitalization, Ethereum is the second largest cryptocurrency. This coin also entered today’s trading while still in the greens. Just within 24 hours, the coin managed to attain more than 10% gains. Whereas the rate of the coin was at $150 some days ago, it is currently trading at over $165. This is a great indication that things are moving on well in the market. Within a single day, the market capitalization of this second largest crypto gained more than $2 billion. This new gain made it to climb higher to $17.6 billion.
Other Coins Not Left Behind
As for the rest of the altcoins, trading in the greens seems to be the order of the day. This is true for all except Tezos -XTZ, and Maker –MKR. Bitcoin Cash, for instance, has moved to more than $280 over the past 24 hours. This shows gains that stand at around 50%. Litecoin is also another major winner, with more than 20% price gain. It is now trading at over $80.
Crypto Insiders’ Take On The Major Market Recovery
Since this market recovery was witnessed for the first time on the first of April, various discussions have been going on in the market. One of these insiders is the Changpeng Zhao, alias CZ, who is the Chief Executive Officer of Binance. He admits that he doesn’t have an idea of what has caused these latest developments. Eric Lam, the author of Bloomberg, also has no answer to what is currently happening at the market. Bloomberg, however, cited the Brexit as one of the possible cause of what is currently happening in the market. The publication noted that a number of people are currently changing the pounds into Bitcoin and this could be the reason for the sudden price gains.