Bitcoin price jumped above $4000 resistance level to reach a two month high. Following bitcoin, all major cryptocurrencies are flashing green.
On 23rd February 2019 at around 18:00 UTC, Bitcoin surpassed the $4000 level creating a new hype in the market reaching close to $4200 mark today according to CoinGecko charts.
Bitcoin price experienced a slight downward correction but $4100 mark has now become major support for BTC and did not let the price fall further downwards. Bitcoin is currently trading at $4156 with signs of further gains. Bitcoin price has experienced a rise of more than 20% since the start of the month.
Others following bitcoin price:
It is quite usual for other cryptocurrencies to follow the price of bitcoin. As the bitcoin price started a bullish momentum, other major cryptos such as NEO NEM, ETH, XRP, EOS, LTC, BCH etc. have experienced a similar bullish momentum. Ethereum has gained more than 12% in the last 24 hours and more than 33% in the last one week, currently trading at around $164. EOS is the largest weekly gainer with more than 51% rise in just a week of time currently trading at around $4.25. Bitcoin Cash has also gained bullish momentum in the past week with more than 28% rise.
The market capitalization of cryptocurrencies has seen a rise of more than 7% in the last one week reaching around $143 billion today. The trading volumes have also seen a massive rise with the 24-hour trading volume being more than 31 billion. Analysts are forecasting a bull run in the coming days and many have already stated that the bear market has come to an end. The next major resistance for bitcoin is at around $4600 and if bitcoin price is able to break this range, it could spike up to $5000 mark very quickly.