Early this week, Bitcoin price has managed to crack through both the $5400 and $5500 marks, showing a bullish continuation to the surging market this month. Taking data from Coin360.com, we can see that most of the cryptocurrency market is showing positive green with up to 25% increases in price.
Taking a closer look at Bitcoin price over the month with data from CoinMarketCap, we can pinpoint the initial surge of the token where Bitcoin broke from a range of $4100 to $4600 in less than six hours on April 2nd. Since then, the leading cryptocurrency has broken through resistance barriers all the while finding new support. If Bitcoin carries on this way, we might yet see the $6000 it held steadily for months in 2018 before crashing in November. Currently, Bitcoin is up by 4.71% and is trading $5548.71.
Like Bitcoin, Ethereum price has also increased exponentially. The leading altcoin jumped from a range of $141 to $178, before falling to find support around $156. Currently, Ethereum is up in day-on-day trading by 2.69% and is trading for $174.62.
Ripple’s XRP, completely unlike Ethereum, has seen wild volatility over the month with a spiking market cap. As Bitcoin surged in early April, Ripple also jumped from a $0.31 range to $0.36. Shortly after, XRP price fell back to $0.3317 only to rise again within a day back to see $0.367. From there, however, the token has taken a slow trickle downwards with slight breaks up. Currently, XRP is trading for $0.326481; a 0.11% increase in day-on-day trading.
If the cryptocurrency market can maintain the slow, steady incline, we might be seeing the healthy growth needed to send the tokens back into very bullish prices. The market sentiment, currently, is on the side of the bulls with cryptocurrency figures such as Anthony Pompliano advocating Bitcoin as a simple investment.
Bitcoin is the only $95 billion market cap asset I have ever seen that has a realistic chance of a 20-50x increase in value over a 5 year period.
Sometimes the best trade is the simplest.
— Pomp 🌪 (@APompliano) April 22, 2019