Perhaps the bulls have returned, perhaps they haven’t. Either way, the big bulls has intensified its momentum in many ways than one. In trading price, volume and market capitalization, Bitcoin has increased by more than 5% since the week began.
However, this week, the coin is going on even stronger as Bitcoin moved from a trading price of $3,671 to $3,915 in a couple of hours. Currently, this price has moved up by $25, leaving Bitcoin at a trading price of $3,940 at press time.
While Bitcoin traders are overjoyed by this newly achieved milestone, the underlying question remains the possibility of Bitcoin breaking out of the $3000 mark, moving to $4000 and maintaining that price.
To start with, Bitcoin only needs a price increase of $60 to climb over to $4000. Estimating the swiftness with which Bitcoin added $25 to its price in one day and considering that Bitcoin is already up by 5.27%, it is almost impossible that Bitcoin would close at a price lower $4000.
However, Bitcoin remaining at $4000 is the bigger question, and while the overall market has increased by over $7 billion, the bulls have not lasted long enough to guarantee that this will be a long-term Bitcoin rally.
Meanwhile, despite the uncertainty of the bulls, tokens like Ether, EOS, and BCH have also managed to stay afloat and emerge as some of the highest gainers since the past 24hrs.
Ether which is up by 7.68% surged by more than $2 billion in market capitalization since this week began. Trading at $148.32, Ether is also heading towards a breakout of $150.
EOS currently up by 23.69% against the USD has been outperforming since yesterday. EOS manages to hit two milestones yesterday, one of which was its breakout in trading price from $2 to $3. More interestingly, this price of $3.63 is headed towards another breakout to $4.
With 15.23% in gains, BCH’s trading price of $150.44 is not exactly headed to a breakout, but with a market cap of $2.65 billion against LTC’s $2.92 billion, BCH is certain to become the 5th largest cryptocurrency if trading volume continues in this pattern.