Ever since July 2018, this is the first time Bitcoin has been on a long-term tear in recent days and has surpassed $8,000!! Bitcoin [BTC], the largest cryptocurrency by market cap, has been surfing the highest waves at present.
The coin that is making significant recovery from its 2018 drop has broken through other key benchmarks by trading above $8000 on top exchanges!
This has made the entire crypto market surge by over $20 billion as “Fear of missing out” fever holds the view yet again.
Just a few hours ago during early trading in Asia Bitcoin hit a ten-month high of $8,045 according to CoinMarketCap. It is a second thousand dollar day for BTC which rose to 14 percent from trading just above $7,000 the same time on May 13th. At the time of writing, BTC has currently reached up to $8143. The increased price of BTC on the charts suffered a minor fall in between but recovered faster than expected!
New highs have been made and broken several times over the past week this year and the gain over the seven days has been a tremendous 33 percent. Daily volume has surged up to $34 billion with a market cap $143 billion as if Bitcoin does not know when to stop.
As far as Bitcoin’s command on the market comes to our minds we know it was during the massive surge in December 2017, when it pumped $10k in a single month. The chart patterns at the moment are unbelievable of that late 2017 period when things went crazy in crypto land.
Bitcoin Beats Negative Foresight
This time Bitcoin is getting the lion’s share of those gains while the altcoins are getting left in the digital plain. BTC FOMO is real and analysts are now waiting for $8,200 as a top and a possible correction to $6,400, last year’s highest traded price. Analysts, traders, and all the negative energy holders have given up and forgotten about their predictions of BTC dropping to $3,000 before even hitting $6,000.
Josh Rager (@Josh_Rager on twitter ) a crypto trader and investor on May 13 said:
“$BTC – The FOMO is real. Bitcoin is currently on a tear & the next target of serious interest is $8200+. High interest remains near $6400 if BTC decides to cool off & pullback. My dream area to buy would be $5500 to $5700 but there’s no promise $BTC will hit that low again.”
The market hit an eight-month $235 billion high in a couple of hours as volume surged to record levels of $90 billion. This big move has resulted in a $20 billion cash injection to the total crypto market cap which is now at its highest level since September 2018.
Over the past week crypto market cap has reached 24 percent and since the start of 2019, has made a massive 87 percent. Only a less number of the altcoins are matching Bitcoin’s double-digit performance as of now and they comprise of XRP, Binance Coin, Monero, Tezos, and IOTA.
The bulls are indeed back in town with yet another hit!