On 1 April, after four months of lethargy, when the price of Bitcoin had been down bellow the $5.000 edge, it has started to rise dramatically, again.
Since that moment, the price has been continuously growing, and Bitcoin reached its new edge around $8.000. Since BTC has been dominating the market with its approximately 60% market share.
No wonder that the whole market ascends with it. It looks like the upturn has been triggered by an April Fool's Day joke. Even an analyst of Bloomberg has interpreted that Bitcoin ETF had been approved by the Securities and Exchange Commission (SEC).
The reason for all this, however, seems to be more prosaic
BitMEX, an exchange with Bitcoin futures, has launched its investment program up to a 100-x leverage. It immediately attracted crypto traders making 15% of all Bitcoin trades within 24 hours while the Bitcoin price on this exchange was higher in comparison to other competitors. So, speculators begun to close loss-making positions or withdraw their gains to avoid possible loss in the short run. This massive overturn of positions fuelled the subsequent upward trajectory of Bitcoin.
Total market capitalisation reached $238 billion on 2019, May 14. The price of Bitcoin culminated and was traded for almost $8.270. During the last days, the crypto market has temporarily anchored in calm waters and the market has consolidated. We can say, together with others, that the “alt season” has arrived. Almost all altcoins enjoy the bullish sentiment of investors who invest into altcoins for higher returns.
However, as we have learnt from the past, the crypto market does not stay quiet for too long. Since there are serious predictions that the altcoins’ short- term potential is to move another 20% up, alt season favours investments into altcoins like Capricoin which is one of the oldest proof- of-stake digital currencies on the altcoin market and a welcomed revenue generating opportunity.
Moreover, Bakkt, an American company for trading digital assets including Bitcoin derivatives which is personally interconnected with the New York Stock Exchange’s owner, announced that it will launch Bitcoin futures trading on the Intercontinental Exchange in July. This long-awaited information boosted again a bullish tendency on the market opening the door for institutional investors who turn to digital assets.