In the past 24 hours or so, Bitcoin (BTC) has reached a price level not seen since last November. The leading digital asset has been just at or under the $5,000 level with a gain of over 18 percent in the trading period.
According to Cointelegraph’s report, BTC was at $4,904 at the time of their report. However, at the time of this update, Coinbase exchange was showing that Bitcoin had surpassed $5,000 to hit $5,030. Right there with it were other top crypto assets including Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Of those cryptocurrencies, Bitcoin Cash surged by over 40 percent to hit a level of $271.38 as of this report. Ethereum was up to $170.68 and Litecoin was trading at over $70 each. LTC was up over 27 percent as of Cointelegraph’s report.
Helping with the price bounce was a recent interview aired on CNBC involving Brian Kelly, founder and CEO of BKCM LLC, a digital currency investment firm. Kelly said the next price to watch for in the Bitcoin rise will be $6,000 as he said the digital asset is finding its bottom right now. While appearing on CNBC’s “Futures Now” show, Kelly also added, “What’s interesting about this move is it’s happening on improving fundamentals and improving institutional sentiment,” according to Cointelegraph.
Back in February, Kelly pointed out that he believed Bitcoin was undervalued by 50 percent at that time. He also suggested it wouldn’t be surprising to see Bitcoin drop as low as $1,500, but only for a short term. So far, the currency has managed to stay above the $3,200 level for the past several months and now has reached it’s new 2019 high.
More positive price action could come if another crypto bull’s prediction pans out. In March, the CEO of BitMEX, a digital currency trading platform, went on record with his prediction for Bitcoin in 2019. CEO Arthur Hayes speculated that Bitcoin will get back to $10,000 with the market recovery coming by the early fourth quarter of this year.
Read More: https://cryptoslate.com/did-a-20000-btc-order-push-bitcoins-price-to-5000/
