Why Bitcoin Price Increased Over $ 5000 For The First Time In 5 Months
The Bitcoin price became the only topic that was interesting for markets in and outside the crypto exit April 2 after Bitcoin hit $ 5,000 for the first time in 5 months.
Bitcoin Price Hits $ 5k In One Hour
Data from major crypto exchange Bitstamp, which delivers one of the more conservative Bitcoin prices, showed a dramatic increase for BTC / USD during April 1.
Within just one hour, Bitcoin managed to reach 22 percent and reach a high of almost exactly $ 5,000 before correction.
At press time, BTC / USD fluctuated around $ 4,700, but volatility remained as commentators attempted to understand the driving force behind the movement and its future implications.
Short theories from the crypto industry did not initially mark a particular factor that caused the Bitcoin price to climb halfway back to the level before November 2018.
At that time, as Bitcoinist reported, it was the power of a disputed hard fork in the Altcoin Bitcoin Cash that sent the price of around $ 6500 to a low of $ 3130 a few weeks later.
Bitcoin's $ 5k trip, in line with previous price movements, sparked the attention of mass media and regular consumers. Data from Google Trends shows a conspicuous increase in the desire for knowledge of both Bitcoin and the Bitcoin price when markets grew.
In a further milestone, Bitcoin's Lightning Network implementation hit a total $ 5 million capacity for the first time in the back [19659000]
In a heavy-in-cheek response, Blockstream CSO concluded Samson Mow the new tip came Simply down to investors who bought and held bitcoin. 19659012] "Today's spike in Bitcoin's price was caused by several people who bought and held."
– Samson Mow
(Media, happy to tell me in the articles.)
– Samson Mow (@Excellion) April 2, 2019
Meanwhile, this pattern plays on the trading platform BitMEX which sees the liquidations worth hundreds of millions of dollars that Bitcoin jumps down as well as upwards.
Others suggested it, temporarily or not, the $ 5000 reversal may signal the start of a new trend. Details were also few and far between. The social media personality known as the Parabolic Trav, for example, made a rare return on Twitter – a habit that only tends to follow final price changes.
Monday Bitcoinists own Filb Filb predicted that underlying conditions would facilitate a price development in Bitcoin in April.
"Summary shows Bitcoin and wider cryptographic markets all the positive signs one would expect to see in a market trying to find a bottom and doing it consistently," he wrote, noting that the volume depth was an obstacle to consistent reversal.
When it comes to finding its low, analysts remain split on whether Bitcoin's record carrier market is set to continue any longer.
More optimistic last week was Pantera Capital, which identified next year's Bitcoin block remuneration as a catalyst for price growth. The Knock-on effect could hit as soon as in June, it suggested, based on calculations from past halving events.
What do you think about the Bitcoin price reaching $ 5000? Please let us know in the comments below!
Pictures via Shutterstock, Tradingview.com
