Bitcoin and altcoins have been racing up recently as investors pile back in. Prices in some cases have risen over 30% in the month.
Bitcoin exploded upwards at the beginning on the month leaving traders wondering where the upswing came from. There was a question mark whether Bitcoin, Ether, EOS, Ripple and the like could hold onto these gains.
However, earlier this week, the total bitcoin and cryptocurrency market capitalization (the combined value of over 2,000 cryptocurrencies) hit another year-to-date high.
According to CoinMarketCap data the marketplace climbed to around $186 billion.
This week’s continue rally of Bitcoin and altcoin prices comes along side wider positive news in the industry. For example, Coinbase announced that is has launched a cryptocurrency spending card in the UK.
Additionally, market commentators have released bullish comments on the state of the crypto market.
Trader Peter Brandt also tweeted that he foresees a “parabolic” jump coming for bitcoin in the near future. Brandt correctly predicted last crypto rise and fall. Now he thinks a 6 digit figure for Bitcoin could be coming within the next few years.
Mati Greenspan, the senior market analyst at brokerage eToro also contributed some bullish comments to the conversation.
“After the false breakout earlier this week, cryptos took a step down,” Greenspan wrote in a message to investors. “The fact that we failed to go further up speaks volumes about the current appetite, but it doesn’t necessarily mean it will go lower, as many bears have indicated. In fact, in my view, the most likely scenario is that we now create a new range, or even, hopefully, a sustained stabilization.” Greenspan concluded that “the market is clearly still excited.”
The co-founder of Fundstrat Global Advisors, Thomas Lee, told Bloomberg on April 5 that he thinks the bear cycle is over and Bitcoin is in a bullish trend again.
The Bitcoin bull maintained that the fact that the cryptocurrency broke past its 200-day moving average is an indication that we are in a bull market.
Interesting times are ahead for cryptos.