Bitcoin [BTC] has struggled to hold on to earlier attempts to gain a position above $4,000. Surprisingly, the bitcoin [BTC] has rallied to just above the psychological barrier with a 4% rise over the last 24 hours. The trading volume tops $11 billion, the highest since last April when the bitcoin price was trading at over $8,000. The experts suggest that the rise in the price of bitcoin is due to this.
Bitcoin trading volume reached 12 month high indicates a positive sign for the investors, not to lose hope in bitcoin, which remains the world's largest Cryptocurrency by Market Capitalization according to CoinMarketFeed.
As bitcoin rise to a higher value, bitcoin's share of the overall cryptocurrency market value) is plunging and has hit a new 2019 low of 50.6% as altcoins gain. The unexpected price rally of bitcoin and major cryptocurrency suggests that the market comes after data this week suggests that there are major chances of bullish trend in the near future.
The price of Bitcoin rallied above $4,000. Reports suggest that the long term buying demand for bitcoin has been reduced significantly. Because of this selling pressure will increase. Over the last few weeks the bitcoin bulls and exerts including John McAfee have been making positive predictions about high the bitcoin price could significantly increase. Bitcoin hibernation could be coming to an end.
In February this year, bitcoin was seen trading at a little over than $3,400 per bitcoin. Within over a month there is a change of 11% breaking its six-month losing streak. The bitcoin price rose higher today, moving along with the wider cryptocurrency market according to coinmarketcap.
The price of Ethereum [ETH], Ripple's [XRP], Litecoin [LTC], and all other major cryptocurrencies rallied along with Bitcoin [BTC], each gaining between 5% and 18%. There was approximately $6 billion added to the total value of the world's cryptocurrencies.