A lot of cryptocurrency personnel; traders, analysts, and even investors had called it in for the big bull. Convinced that this year just isn’t the one to usher in the most profitable bull run, or even any kind of bull run at all, coupled with the fact that majority of the most highly anticipated features are scheduled for 2019, most traders didn’t expect a rally from BTC till next year.
Up until this moment, it remains unbelievable that BTC made an impressive and highly unexpected bounce to the $3800 level. What’s more interesting is the swiftness with which BTC increased in gains by 6.34% and has continued to float towards a more stabilized direction. At press time, 1 BTC now equals $3763.71.
A Possible Breakout of $5,000?
The rate at which the bull run is taking over creates room for the possibility of a breakout that could give BTC a maximum trading price on the $5000 level. With BTC trading at $3700 and maintaining its current pace of an inflated change, BTC is likely to hit the next resistance levels, swinging it up to $4000.
Market capitalization, on the other hand, has refused to entertain any form of reduction. A look at data from coinmarketcap shows that BTCs market cap is increasing daily. Just yesterday, the market cap was at $64.42 billion, and at the break of dawn market cap has now skyrocketed to $65.24 billion.
BitMEX traders are doing something wonderful
The boost in trading volume must be credited to Bitmex traders whose BTC/USD trading pairs have contributed largely to the daily wins of BTC. These traders, by themselves, have birthed an outstanding volume of $2.96 billion since the last 24hrs, a volume that will take a few hours to hit $3 billion and push BTCs trading price higher.
Meanwhile, traders have expressed mixed reaction towards this surprising bull run, while some are fully convinced that BTC has bottomed, others believe that this is a situation of pump and dump, one that is likely to calm down after a few days. And although these speculations are valid, the cryptocurrency market is one that is known for surprises and unexpected turnouts.
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