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Sonic boom: Bitcoin rallies by over $1,000 USD in one hour

After a two-week long sideways market, Bitcoin has rallied by as much as $1,000 USD in as little as one hour.

Written by Bryan Smith Published on

In a triumphant return to form for deflated Bitcoin investors and traders alike, the world’s foremost cryptocurrency has risen back to life after enduring a two-week sideways market on the back of a tumultuous 2018.

After a price collapse saw it retreat to a new safe zone around $6,000 – $7,000 USD levels, Bitcoin succeeded this morning in rallying some $1,000 USD ahead to trade in levels around the $7,600 USD mark.

The entire move marks a 12% price gain from yesterday’s close at $6,939 USD and reached a two-week high of $8,055 USD.

The bullish boom comes after a stringent period of consolidation, and should Bitcoin launch into a double bottom breakout prices could only increase further into the $8,000 USD range.

Bitcoin breakout

Market sentiment

Interestingly, there seems to be little connotative development in terms of market sentiment to underpin the move.

While regulatory fears stoked concerns in the opening months of 2018, tempers have been calmed through the embrace of blockchain technology. Both the European Union and the United Arab Emirates have outlined their intent to draft sufficient legislation to govern distributed ledger technology, and have similarly expressed their view to integrate blockchain technology into various public services.

Cryptocurrency exchanges have further come under scrutiny in recent months, though new paradigms have emerged in the formation of both governmental regulation (thanks to the US Securities and Exchange Commission) and self-regulatory entities (as exemplified in Japan and South Korea).

Perhaps the hardest hit arena within recent months is that of the Initial Coin Offering (ICO) – which many initiatives have turned to hosting through airdrops rather than have planned tokens identified as securities.

In the wake of Bitcoin’s breakout, the broader cryptocurrency market has followed suit. At press time, Ethereum has risen to trade at values above $465 USD, while Ripple, Bitcoin Cash, and Litecoin have similarly followed suit at $0.55 USD, $707 USD, and $121 USD, respectively.

Written by

South African technology journalist, podcaster, photographer and filmmaker. Hodling - BTC, NEO, ETH.@bryansmithsa

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