Bitcoin Soars $1300 in Month

By: Yassmine ElSayed

CAIRO, Apr. 8 (SEE) – Bitcoin investors went from being dismayed to ecstatic as the famous cryptocurrency reached the $5,200 mark for the first time this year and gaining $1300 in month, media reports said.

According to business news, the craze isn't over, though as reports are suggesting that it once again moved a rung higher.

Forbes said in an article that prices soared "up to $5,240" per bitcoin, making the amount the highest it has gained since November of 2018.

According to CoinMarketCap, the crypto market cap has witnessed a new 2019 all-time high.

The leading provider of cryptocurrency data said that the figure is $182.36 billion to press time. This is some $68 billion higher than the total market capitalization in January when it was hovering around $112 billion.

Bitcoin is is trading around $5,247 ,Ethereum has seen an even more price surge, adding 6.78% to its value. It is exchanging hands at roughly $180 to press time. The third largest digital asset Ripple  has seen 0.39% percent in losses on the day and is trading around $0.358827.

Many factors are influencing the Bitcoin Bull Run. According to BitcoinBro’s CEO Oliver von Landsberg Sadie, the sudden gains were most likely triggered by an order worth about $100 million spread throughout exchanges, Kraken, Bitstamp, and Coinbase.

The upcoming Bitcoin halving event that is anticipated in 2020 could also be a trigger for a price surge. However, it remains to be seen whether the next halving event will see BTC price reaching another all-time high.

There are many other primary factors in place that are supporting the price of BTC and other coins. The Intercontinental Exchange Bakkt could get the green light to launch its Bitcoin ETF soon.