The price of bitcoin has seen a spontaneous rise during the last week of April as the cryptocurrency’s fiat value has climbed to new highs. Over the course of the afternoon and evening of April 27 bitcoin’s price spiked to an all-time high of US$1360 across global exchanges.
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Bitcoin Price Weekly View: April’s All Time Highs
Bitcoin markets are currently in an uncharted price territory as the digital asset once again surpassed its all-time high jumping in value 10 percent over the past 24 hours. The price has dipped a touch during the morning of April 28 as the global average on exchanges is roughly $1330 per BTC at press time. Bitcoin’s overall market capitalization is also higher than ever before as it currently captures a market share of $21.3 billion. Trading volume is also substantial as over $500 million worth of BTC has been traded daily over the past three days.
The weekly view and technical indicators suggest the bull run is not over but could see a hiccup in the short term. Bitcoin’s 100 Simple Moving Average SMA is still well above the 200 SMA trendline which means the ascending climb upwards may continue over the long term. With the Relative Strength Index (RSI) one can assume that buyers are still playing their cards and may continue to prop the price upwards. However, as we reported in our past three market updates the Stochastic indicator readout shows that sellers could pull the price down at any given time. Furthermore, market data from Bitfinex and traders on the trading forum Trading View show a lot more ‘short’ positions than ‘long’ positions.
Cryptocurrency Markets Rise Capturing a $33 Billion Capitalization
Overall cryptocurrency markets with altcoins included have also reached an all-time high of $33.6 billion USD at the time of writing. The second largest market capitalization held by Ethereum has skyrocketed to $5.7 billion over the past 24 hours. One ether is roughly $63, and Ethereum markets are trading a daily average of over $300 million in trade volume. The third runner-up Ripple (XRP) has seen a spike, as well, as the price has risen to over 4 cents per XRP.
Litecoin (LTC) markets continue to do well, after the network recently locked-in Segregated Witness activation. At the moment LTC is over $14 per token with a $750 million dollar market capitalization. Dash has seen an increase too as the price stayed stable at $70 over the past two weeks. The price per Dash is now $78 per coin seeing a 6 percent price increase over the past 24 hours.
The other top ten cryptocurrency contenders are also seeing price rises, probably due to bitcoin’s ascending value. This includes price rises from Ethereum Classic ($4), NEM ($0.04), Monero ($21), Augur ($14), and Maidsafecoin ($0.23). Golem, Zcash, and PIVX are still trying to enter the top ten with 8-15 percent increases this week.
Speculators Look Towards the ETF, Japan, and Bitfinex USD Issues, but No One Really Knows Why the Price Is Rising
Bitcoin proponents seem happy with the price increase, but some people are skeptical due to seeing considerably higher price spreads between Bitfinex and other USD bitcoin exchanges. Mainstream media is giving bitcoin coverage because of the price spike and are attributing the increase to the SEC reviewing the Coin bitcoin ETF again. Other news outlets say that Japan’s recent bitcoin payment legalization law has also propelled the price upwards as well. Many are unsure of where the boost is coming from, and a lot of the uncertainty is stemming from the $100 difference between Bitfinex and the global average.
Bear Scenario: Bitcoin’s fiat value has dipped during the early morning hours of April 28 since reaching its all-time high. A deeper correction could continue leading to prices below the $1300 mark. Order books across popular exchanges show current support looks very healthy in the $1250 per BTC price range. ‘Short’ positions are also starting to increase as the price has reached new territory.
Bull Scenario: If bitcoin breaks current resistance the path upwards could easily trend past the $1400 range this week and even towards $1500. Buyers have control over the market and SMA and RSI technical indicators show the price ascent should continue. The current price territory is highly psychological, and there will be many breaks and scalps in between. Intra-range and day traders will likely find price sweet spots over the course of the next week.
What do you think about Bitcoin’s price trends at the moment? Where do you see bitcoin’s price heading? Let us know in the comments below.
Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Bitcoin.com, Trading View, and Pixabay.
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