It is a rather remarkable recovery the cryptocurrency market has made in the last 12 hours. Although Bitcoin (BTC) has sustained its position at $4,000 for a while before going above the support level a few days ago, the rapid increase to above $4,500 in the last few hours was unprecedented.
Several experts, analysts, and traders have predicted a surge for the market and for Bitcoin in particular, but the change was not expected to come so rapidly. If this trend continues, Bitcoin should be over $6,000 in the next few weeks, as predicted by Tone Vays.
While Bitcoin has been quite determined to go up with a number of gains this year, a gain of over 12% in the last 24 hours as recorded (at press) time has been rare since last year. Other cryptocurrencies are not left behind either, Ethereum (ETH) has gained over 5.5% to be trading at $150.24 at press time, all data according to Coin Market Cap.
Ripple (XRP) has also gained remarkably at 5.98% in the last 24 hours to trade at $0.33. No cryptocurrency among the top ten is left out of this boom with Tether USDT recording the least gain of just over 1% which is not unusual because stablecoins seem to slow down when regular cryptocurrencies are on a surge.
Q1 was not too bad, at least it was better than in 2018. However, it seems Q2 is starting on a whole new dimension for the cryptocurrency market. This is not coming as a surprise though because it has been indicated by data from DataLight and other data firms that Bitcoin has been building its stamina underground and a break out is to be expected, it was just not clear how soon.
It may be safe therefore to say the time is at hand or at least the current trend proves that something huge is underway. The prices are still erratic with sharp rises and fall, but within a safe range that suggests the next move for Bitcoin and the market is upwards. It would be nice to welcome Bitcoin back to its former days of glory.