Bitcoin Raised by 15%, Since Last November

Bitcoin

Bitcoin jumped suddenly on Tuesday, following months of relatively low volatility in an asset once known for its wild price swings. The price of the world’s largest cryptocurrency bounced more than 15 percent higher to almost $4,800, according to CoinDesk data, reaching its highest level since late November. Bitcoin also briefly touched the $5,000 mark on the Luxembourg-based Bitstamp exchange. The digital asset has added over $14 billion to its market value in the last 24 hours, according to CoinMarketCap.

Bitcoin in News

At the time of writing, the Bitcoin price moved back below the level of $5,000, but I believe this is only temporary as long as the momentum holds. This is because since touching its lowest point of $3136 back in December 2018, the bitcoin price has scored 61 percent gain, and year-to-date, it is up nearly 25 percent.

The fact is that 2019 is turning out to be a good year for Bitcoin. We have three consecutive months of gains as shown in the chart below. This is the first time we have this trend. These three consecutive months have more momentum in terms of price action compared to the last three months of 2018.

The reasons behind the price increase, as is often the case with Bitcoin, are hard to discern. The entire cryptocurrency space has steadily been making progress throughout 2018 and 2019 despite the negative price movement, but there haven’t been any major new developments around Bitcoin that would prompt such a quick price jump. Notably, even Changpeng Zhao, the CEO of one of the largest cryptocurrency exchanges, Binance, appeared stumped by the price surge as well.

The prices of other major cryptocurrencies, including Ethereum, XRP, EOS and Litecoin, all jumped considerably, though not as much as Bitcoin. The total market capitalization of all cryptocurrencies currently stands at $158 billion.

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