Since the start of April, Bitcoin started rising with purpose indicating that the bear market could be coming to an end. The price has continued to surge extending its recent rally. At 21:30 UTC yesterday, the price of Bitcoin exploded to as high as $8,195 on Coinbase. That represents a 17.4% or $1,214 gain during Monday’s trading session.
In just 24 hours, Messari data shows that over $27 billion worth of bitcoin was traded across various exchanges. However, $2.1 billion was traded only on the 10 exchanges that Bitwise Asset Management identified as the only exchanges that report honest volume data.
Although it is quite vigorous, Monday’s development was not an anomaly. Evidently, the price of BTC has increased aggressively for much of this year. It even rose more than $1000 once again two days ago.
In the last 90 days, Bitcoin has registered a 127% gain in price. Almost 60% of that increase was accumulated in the past 30 days as Messari data shows. Bitcoin’s rebound has pulled the entire crypto market up with it. However, its market dominance now stands around 60.1% its highest since December 11, 2017. That shows that its growth rate is outpacing the rest of the general crypto market.
Bitcoin Cash (BCH) and Binance Coin (BNB) both are reporting double-digit 24-hour gains.
Is History Repeating Itself?
Notably, a significantly similar and parabola shape price increase that Bitcoin just witnessed appeared at the end of the previous 2015 bear market. As the charts show, the price trend entered a parabolic rise after plunging to a low of $198 on Aug. 25, 2015.
What followed was an almost 150% increase before it temporarily topped out at $499 on November 4, 2015. History seems to be repeating itself with the recent price movements. Bitcoin’s market has once more entered a parabolic structure after surging almost 150% from the recent December 15 2018, lows of $3,128. Now only time will tell where the price of bitcoin will head to after exploding past the $8k psychological level.
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