‘Extremely Bullish’ Bitcoin Supercharges Crypto Market to Hit $288 Billion


Published:

17/06/2019 08:50

EST

By CCN Markets: In the past week, the valuation of the crypto market has increased from $252 billion to $288 billion by over $36 billion as the bitcoin price climbed to $9,391 on major exchanges like Bitstamp and Coinbase.

The valuation of the crypto market has increased by $36 billion in the past week (source: coinmarketcap.com)

According to traders, bitcoin has been “extremely bullish” in recent weeks based on technical indicators and is set to see resistance at $9,500 in the near term.

Can crypto market and bitcoin continue to sustain momentum

Up until December 2018, the general sentiment around the near to medium term performance of the crypto market was gloomy; investors foresaw a brutal bear market that could last throughout 2019 and startups within the crypto sector were gearing up for many more months of downward price action.

Several months after plunging to $3,150, the bitcoin price abruptly began to recover as the uncertainty in the global economy slightly subsided and the equities market of the U.S. started to rebound.

Contrary to widespread belief, some strategists have said that bitcoin was affected by the panic sell-off of assets in late 2019 that was fueled by the trade war between the U.S. and China.

As the global economy started to demonstrate signs of recovery, bitcoin began to recover to 2018 levels.

Cathie Wood, the founder and CEO of ARK Invest, said:

“Yes, and crypto hedge funds facing redemptions in the fourth quarter were forced to sell their most liquid cryptoasset, BTC, causing the drop from $6000 to $3000. The bounce back to $6000 in the first quarter was not surprising, the follow-through to $9000 impressive.”

Throughout 2018 and the first half of 2019, the crypto sector has seen a noticeable increase in the inflow of capital from institutional investors.

The bitcoin price is up 16 percent in theh past seven days (source: coinmarketcap.com)

“JP Morgan analyst acknowledges what has been…

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