Bitcoin (BTC) saw a massive positive spike today, April 2nd, gaining upwards of 15 percent in the last 24 hours. According to data from CoinMarketCap, BTC trades at $4,783 at the time of this writing, which marks the cryptocurrency’s highest price since November 2018.
Bitcoin Buying Volume Goes Through the Roof
While many are still trying to find the reason for Bitcoin’s recent pump in price, buying volume on Binance, the world’s leading, has surged past its all-time high.
Naturally, high buying demand is a strong bullish signal, propelling growth in prices. It’s also worth noting that not so long ago, a popular trader and Bitcoin commentator on Twitter noted that the cryptocurrency tends to start increasing in price about 1 year before its halving date.
#Bitcoin has traditionally starting pumping around 1 year on average before it’s halving date
The next halving is estimated to be May 2020, meaning that the uptrend will begin in May of this year
— chilli dipper (@MoonOverlord) January 23, 2019
As Cryptopotato thoroughly detailed, the next Bitcoin halving is estimated to take place in May 2020, which might give certain merit to the trader’s prognosis.
In any case, the recent spike in Bitcoin’s price has also increased the BTC dominance factor which measures its relative share in the market capitalization of the entire industry. It currently stands at 51.4%, which doesn’t mark a serious increase on the day. This means that altcoins have managed to stand their ground, which further signals the presence of 2019’s altcoin season.
The Entire Market Trades Green
As it’s commonly the case, Bitcoin’s surge has also brought up the prices of other cryptocurrencies notably, in their USD value.
The second largest crypto – Ethereum (ETH), is currently trading at around $156, which is 10 percent more compared to the previous 24 hours.
Another significant increase was felt by Litecoin, which spiked by 14 percent at the time of this writing.
In general, 98 of the top 100 cryptocurrencies listed on CoinMarketCap have marked increases, with the most prominent one being REPO, which has surged with over 114 percent at the time of this writing.
It’s also worth noting that sentiment in the crypto community is seemingly starting to turn majorly bullish, as most industry proponents are advocating for a bottom and the start of the new bull run. Whether or not that’s the case, we’ve yet to see.
Pretty much every OG Bitcoin trader I respect is now leaning bullish
— Alistair Milne (@alistairmilne) March 31, 2019