The Bitcoin bulls are alive this week and ‘guilty’ for a new price action which took BTC over the $7,000 mark overnight and is viral in the latest cryptocurrency news. Right now, Bitcoin has a very solid momentum and has grown by 9% over the past 24 hours, with a total market cap that just crossed the $130 billion mark.
The truth is, BTC even visited $7,500 for a while before correcting. Besides the Bitcoin bulls, the altcoin news section showed Ethereum (ETH) rising to $200 before correcting at $194 which is its current price.
For Bitcoin, the $7,400+ was a new 2019 price high which marked the official start of a bull market. In a lot of markets, the volume of BTC has returned to the late 2017 level with the “real 10” daily spot volume surpassing $1.9 billion. The Bitcoin bulls managed to keep the volume high and contributed to the Bitcoin which is rising very rapidly now.
According to Alex Kruger who is a global markets analyst, the recent rally of BTC was initiated without any involvement of the mainstream market. His Twitter post went viral on the best cryptocurrency news sites, where he cited the Bitcoin bulls and their action as one that is happening “without the general public involved yet.”
This $BTC rally is happening without the general public yet involved en masse. This is very bullish. pic.twitter.com/H0wMEn56ND
— Alex Krüger (@krugermacro) May 11, 2019
The Bitcoin bulls are strong right now and creating an upward momentum in the past three days – all caused by existing capital within the cryptocurrency market which moved into major crypto assets rather than new money that flow into the market.
What’s interesting is one tweet published by the Three Arrows Capital CEO, Su Zhu, who predicted that the amount of fiat that exists within the crypto market (and is ready to be allocated) is hovering at around $6 billion. Back in April, Zhu also touched the potential Bitcoin bull run that might take place, stating:
“Theres an estimated $2B in cash sitting at crypto funds/holdcos. Theres another $2B+ sitting in stablecoins, and another $2B sitting at exchanges/silvergate/signature. This is $6B fiat already onboarded to crypto to buy your bags. Imagine thinking we need new money to hit $10k.”
Theres an estimated $2B in cash sitting at crypto funds/holdcos. Theres another $2B+ sitting in stablecoins, and another $2B sitting at exchanges/silvergate/signature.
This is $6B fiat already onboarded to crypto to buy your bags. Imagine thinking we need new money to hit $10k.
— Su Zhu (@zhusu) February 18, 2019
The Bitcoin bulls managed to push the cryptocurrency market to a new yearly high. As the coming altcoin news show, the total market cap sits at $219.5 billion right now whereas the 24 hour trading volume is at $95 billion.
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