Anyone in the cryptocurrency industry right now has their eyes glued to the charts, trying to analyse whether Bitcoin price is going to continue on up or be faced with a pullback. Looking at data from Coin360, it’s obvious that the markets are showing healthy signs of green. Only time will tell whether this means the beginning of the bull run or is reminding us of the volatility of cryptocurrency.
What caused Bitcoin to spike?
Over the past few days, Bitcoin price has risen from hovering around the $4100 mark and has gained over $900. Currently, Bitcoin is valued just below at $4940, but yesterday the token was treated to seeing over $5000 for the first time in 2019.
The spike seems to have come from one single buyer who put in a $100 million order across multiple cryptocurrency exchanges. The order went through at exactly the same time; sending the token into a surging price fluctuation Other than this, there seems to be no sign pointing to the exact reason for the massive purchase. No remarkable news in the industry seems to provide the “why” for the trade. While it might be a classic short pump – where traders see the value being driven upwards and then fund their portfolios – we can’t know what this means for the future of the token.
Ethereum price spike
As it often does, the rest of the market has followed the trend that Bitcoin has started: when Bitcoin goes up in price, altcoins often do too. This time is no exception. Ethereum is currently looking at an 8.66% price increase in day-on-day trading. Ethereum price, which was struggling to stay above $90 last year December is now valued at $164.41.
Litecoin price spike
Litecoin, Bitcoin’s most valued hardfork, is nearly 20% up in day-on-day trading values. Litecoin price shot up when Bitcoin did, but the trajectory has been the most dramatic in the top five tokens.
Bitcoin 2019 price predictions
As it stands, it is very hard to tell what is going to happen to Bitcoin within the week, let alone for the rest of the year. Traders and investors are cautious at the moment as this pump could face a severe pullback, sending the token crashing once more. Others are more optimistic, offering that this is the beginning of the next bull run. The Bitcoin halving, which usually sees a shift in cryptocurrency prices, is only to happen next in May 2020. Although this is still some time away, it could have an impact on Bitcoin price in 2019.