Bitcoin has been driving the crypto market to the higher end since the bullish breakout just a few weeks ago. By all indications, the crypto winter seems to have ended, with various top coins scoring some big wins in price percentage increases over the last few weeks. Ethereum is one of such big gainers.
Since the beginning of 2019, Bitcoin’s price has almost tripled. Just a few months back, the crypto was struggling to stay above the $4k mark amid a fierce bear assault. In fact, Bitcoin once dropped all the way down to the $3k region. However, that trend has reversed, if the current developments are anything to go by.
The $9k Race
About 24 hours ago, Bitcoin had settled at around $8,600, but then something happened and it made a fast dash to the $9k mark. However, things didn’t work out well at that level as the value level was soon rejected, bringing the crypto down all the way to around $8,400. It happened fast.
Over the hours that followed, the price went on to drop to $8,200, but that trend now seems to have reversed to resume the upward direction. At the moment, Bitcoin is trading at around $8,500 with a daily volume of $26.8 billion and a total market cap of $151.5 billion.
The recent back and forth swing in Bitcoin prices may have affected the crypto’s market cap. A few hours after the crypto took a dive from the highs of $9k, the market cap dropped from $270 billion to $267 billion. That’s a whole $3 billion drop within hours.
However, the gap seems to have been plugged now that Bitcoin is reversing the trend back to the bullish movement. Also, considering that Bitcoin has been the only crypto in the red, it’s fair to opine that the resumption of the bullish trend is well-timed and could work to Bitcoin’s advantage.