On Tuesday morning, Bitcoin price suddenly jumped by 16% in an hour (05:29 AM), increasing its weekly gains to almost 18%.
Other top coins also registered strong hourly gains of 3.2% – 11.45%.
BTC price chart:
At the time of writing, bitcoin sits at USD 4.882 per coin, or the level last seen in November 2018. Moreover, bitcoin surpassed its 200 daily moving average, which is considered to be a very important metric in technical analysis.
Bitcoin just posted two-consecutive months of gains, having increased by more than 10% in the first quarter this year.
As reported, the Bitcoin bottom has already occurred, as there aren’t additional sellers coming, according to New York-based research and consulting boutique specializing in the digital asset market Delphi Digital.
Top 10 coins by market capitalization:
While it seams that no one can explain the unexpected strong rally, some crypto users are complaining that major crypto exchange Binance “is unusable”.
Binance CEO Changpeng Zhao tweeted, later adding that he’s “honestly clueless” what caused the rally:
Some UI server scaling issues, affecting some users, being fixed now. API should be scaling fine.
— CZ Binance (@cz_binance) April 2, 2019
If you’re feeling mad FOMO, I’d wait until at least a retrace to ~4700-4750 pic.twitter.com/OA66DPboM2
— The Crypto Dog📈 (@TheCryptoDog) April 2, 2019
What a beast, broke 200EMA and any resistance on its way 💪🏻
Short squeeze? pic.twitter.com/3oAh5LjbrD
— TEDDY 🌐 (@teddycleps) April 2, 2019
— FatihSK87 (@FatihSK87) April 2, 2019