The bitcoin price has surged to $8,450 after recording a 5 percent increase within the past 24 hours. The cryptocurrency market is eyeing a move towards the $350 billion region and it has already crossed $334 billion.Is the Bull Market Back?
It is too early to confirm whether the bitcoin price can continue its bull run throughout April and potentially to the $10,000. Bitcoin is still down 50 percent from its all-time high at $19,000, and traders expect the bitcoin price to surpass $12,000 before it can eye a move towards its all-time high. Hence, bitcoin is still at its early stage of recovery.
However, it is optimistic that within a short period of time, the bitcoin price increased from $6,500 to $8,400, initiating a swift recovery for the first time since mid March. The valuation of the cryptocurrency market has also achieved a monthly high at $335 billion and if the market can sustain some momentum throughout April, it is possible that it could achieve a two-month high at $400 billion.
Over the past week, many alternative cryptocurrencies (altcoins) like 0x, OmiseGo, STORM, and WanChain have outperformed bitcoin. The strengthening in the momentum of altcoins is an optimistic indicator of overall market stability, as investors are willing to take more risks and invest in highly volatile assets with relatively low liquidity instead of bitcoin.
Several analysts have recently stated that the price surge of bitcoin may be attributable to the end of the tax season of the US, as Wall Street analyst Tom Lee previously stated.
