Bitcoin prices surged higher on Tuesday, rising as much as 20% at trading above $5,000 for the first time in since November 2018.
was changing hands at $4,795.50 in recent action, up 16.2% since Monday’s level at 5 p.m. Eastern time. The cryptocurrency hit a session high at $5,061, a gain of 22.9% on the day.
The market value of all cryptocurrencies rose more than $15 billion in less than 90 minutes on Tuesday, according to data from CoinMarketCap.
What are analysts saying
After months in the doldrums, bitcoin aficionados have awakened with several now calling the December 2018 low near $3,200 as a medium term bottom.
“After being in bear territory there is a growing sense that bitcoin is back. I’m now calling that the market has bottomed and the so-called crypto winter has come to an end,” wrote Nigel Green, CEO of deVere Group, a U.K. consulting firm.
“I believe bitcoin will now move higher over the next few weeks and months, making steady gains for investors. As the largest cryptocurrency by market cap, this will have a positive impact on prices in the wider crypto sector,” Green wrote.
Altcoins come along for the ride
Bitcoin’s surge dragged altcoins, the group of coins other than bitcoin, higher. Ether,
the second-largest digital currency by market value rose 9.3% to $153.70, Litecoin
added 14.3% to $68.79, Bitcoin Cash
was up 12% to $186.40 and XRP
was trading at 34 cents, up 7.2% on the day.
Bitcoin futures opened sharply higher on Tuesday. The Cboe April contract
gained 16.5% to $4,805 and the CME April contract
added 16.3% at $4,795.
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