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Bitcoin Price Hits $6700 as the Overall Cryptocurrency Market Cap Exceeds $200B

The cryptocurrency market surge looks very strong as Bitcoin (BTC) price shoots nearly 6.5% today. At the press time, Bitcoin is trading at $6718 with a market cap of $118 billion. The world’s largest cryptocurrency has shown a phenomenal recovery since April 2019 gaining nearly 70% in the last 40 days.

It clearly shows that BTC has put all the bears to rest while breaking resistances on its way northwards. Some analysts call it a possible ‘Short Squeeze’ as the reason behind this price surge. As per Investopedia, “a short squeeze refers to a jump in a stock’s (here cryptocurrency) price, forcing a large number of short sellers to close their position, which in effect pushes the price even higher”.

This week, there was a mixed sentiment in the crypto market with the flow of both – good and bad news. Earlier, a Fidelity spokesperson revealed that the company is soon to launch its Bitcoin trading service for institutional players in the coming weeks. This has caused several Bitcoin investors to feel up their kitty before the institutional flood strikes.

On the other hand, the world’s largest crypto exchange Binance lost 7000 BTC tokens in a massive hack. While many expected the market to correct that point, it didn’t happen in real.

Besides Bitcoin, the altcoin market is showing up a major recovery as the overall cryptocurrency market has crossed $200 billion. After November 14, 2018, it is for the first time in the last six months where the market cap has crossed over $200 billion. Since April 1, 2019, the cryptocurrency market has added nearly $60 billion to its overall valuation.

Almost all of the top-ten cryptocurrencies are showing over 5% gains today. Ethereum (ETH) has gained nearly 6% today moving closer to the $200 levels. At the press time, ETH is trading at $184 with a market cap of $19.6 billion.

XRP shows a lukewarm performance compared to other cryptocurrencies with under 3% gains today. XRP is trading at a price of $0.30 with a market cap of $12.9 billion.

Bitcoin Cash (BCH) has gained 6.80% today moving past $300 levels. On the other hand, Litecoin (LTC) has gained 8.86% and is trading at $83 during the press time.

Some experts say that the time of crypto winter is finally over as the current market resurgence is the start of a new bull run. Vinny Lingham, the CEO of blockchain startup CivicKey hinted that the bear market may be finally over.

If Bitcoin can hold the $6200 level for the next 24-48 hours, then the bear market is officially over and I’m going to become a raging bull!

— Vinny Lingham (@VinnyLingham) May 10, 2019

However, crypto industry researcher Willy Woo says that the BTC surge is an exchange driven game. Woo said that there is no change in the on-chain activity of the cryptocurrency.

All this happens without any on-chain activity. As it's an exchange driven game, no real investors are buying into the rally.

— Willy Woo (@woonomic) May 11, 2019

On Thursday itself, David Puell – the head of research at Adaptive Capital already predicted the BTC price move from “a parabolic stage to vertical” thereby pushing quickly from $6300 levels to $7000 levels.

$BTC: Price is not only parabolic, but vertical now.

Shorts are still far from getting fully squeezed.

$6.4k may activate longs from late trend traders, setting up the perfect blow-off top.

Blue: pullback targets after this potential climactic top from who knows where. pic.twitter.com/L4J3Mno6ki

— David Puell (@kenoshaking) May 10, 2019

So far, Bitcoin has turned out as the best performing asset for 2019 outperforming the traditional stock and oil market. Bitcoin has gained nearly 70% year-to-date while oil has gone up by 40%. The other market indices like Nasdaq 100 and S&P are still behind.

The Bitcoin price recovery comes at a time when the global market is heading towards uncertainty. The U.S.-China trade war threatens the growth outlook of the global economy. Thomas Lee, the Fundstrat co-founder and cryptoanalyst notes how Bitcoin remain unfazed by these global market scenario.

In a period where:
—political tensions escalate between US and China,
—global equity markets fall sharply
—VIX largest spike in many months
—global yield curves flatten/invert#bitcoin has RISEN and >$6,000

Crypto showing its value as an uncorrelated asset.

— Thomas Lee (@fundstrat) May 9, 2019

Despite all odds, Bitcoin continues to rise and give hope to global investors. Some analysts say that there is still some gas left as we can see Bitcoin going further northward.

Bitcoin Price Hits $6700 as the Overall Cryptocurrency Market Cap Exceeds $200B

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