Bitcoin Price Moves Above $6000 Levels As Crypto Bulls Rage In

10. May 2019 Posted by Akolkar B on News

Bitcoin (BTC), the world’s largest cryptocurrency continues to surge northward as crypto bulls raged-in on Thursday, May 8. Bitcoin price surged above $6000 levels for the first time in 2019 riding ahead on its bullish momentum since the beginning of April 2019.

In the last one month since April, Bitcoin price has surged by nearly 50% from $4000 levels to now trading above $6200 levels. At the press time, Bitcoin (BTC) is trading at $6262 with a market cap of $110 billion.

This is for the first time in the last six months after November 15, 2018, that Bitcoin is seen trading over $6000 levels. With the latest price surge, Bitcoin holds nearly 57% dominance on the overall cryptocurrency market.

Moreover, Bitcoin is also seen a huge surge in the daily trading volumes showing up a renewed investor interest for the cryptocurrency. The technical indicator like the Relative Strength Index (RSI) indicates the strongest bull signal since 2018 which is very positive for the cryptocurrency.

Bitcoin’s price surge comes just a day after crypto exchange Binance announced losing 7000 BTC tokens in a massive hack. Although, the news came as a big shocker to the crypto industry, it effect was short lived as Binance soon announced a recovery plan for the lost funds.

Also, a number of institutional players are showing up a growing interest for Bitcoin. According to industry reports, financial giant Fidelity Investments is planning to launch its crypto trading services within next few weeks.

A Fidelity spokesperson confirmed that its crypto trading service will initially focus only on Bitcoin and available only to institutional players. Based on a research survey, Fidelity found that there’s a sharp rise in the number of institutional players warming up to the crypto market.

The survey notes that institutional players have already started owning some digital assets and have shown willingness to step-up their investments in the next five years. 

However, Fidelity is not the alone institutional giant from traditional financial space to accelerate on its crypto plans. Big players like ICE’s Bakkt and Nasdaq have shown strong willingness to launch crypto-related services and products.

Institutions are probably waiting for some more regulatory clarity to emerge. The recent price surge in BTC is an indicator of a possible liquidity splurge in the crypto market ahead.