Bitcoin has hit $4,000 again. This is the first time that the currency has claimed the important level in March. The last time it traded above $4,000 was February 24, a day in which it went up to $4,200.
The currency’s price has been going up consistently since yesterday. It started the day at $3,920 and started making steady gains, finishing the day just $40 shy of the important mark.
However, the weekend has historically been unfriendly to cryptos. The volume always goes down by a significant margin, almost always pulling down the price. Not this time.
After hitting an 11-month trading volume record at $11 billion yesterday, it declined today to $9.2 billion. It has, however, recovered $1.5 billion to hit $10.7 billion. BitMEX contributed over $1.6 billion to this, accounting for 12 percent of the total volume. CoinBene, OEX and Coineal were among the other biggest contributors to the total trading volume.
The price has also been consistently going up to hit a high of $4,071 just a few hours ago. At press time, the price has come down slightly to $4,060. However, the momentum seems to be building and the currency could end the weekend north of $4,100.
While some exchanges like BitMEX trade on the lower side at $4,004, bitcoin is hitting $4,100 on other exchanges. On Cryptonex, the currency was trading at $4,096 at press time while on Bitfinex, it’s already trading above the $4,100 mark.
Bitcoin isn’t the only crypto that has been on the rise heading into the weekend. Ethereum gained 6.3 percent to trade at $143 at press time. The currency’s market cap now stands at $15 billion, solidifying its position as the king of altcoins. Ethereum has added a billion dollars to its market cap in the past 24 hours.
Bitcoin Cash is up an incredible 17 percent as well, trading at $158. Litecoin at 8 percent, Maker and Ontology both at 7 percent and Bitcoin Gold at 5.5 percent are some of the other big gainers.
To The Moon?
So, is it to the moon now? We certainly do hope so. The currency has shown some steel to steer on upwards despite some recent negative events. One of these is an announcement by Cboe that it would not list bitcoin futures contracts this month.
The Chicago-based options exchange is the largest of its kind in the U.S. It was the first to list BTC futures in December 2017, contributing significantly to bitcoin’s stellar run in that month.
However, this also shows maturity from the king of cryptos. In the past, such an announcement would have had devastating effects on the price. Not anymore. In fact, it was after the announcement that bitcoin’s volume eclipsed to $11 billion, its highest since April last year.
Now, all bitcoin needs to do is maintain its price above $3,950. This has been a resistance level in the past, but it can now turn to a support level. If it does this, at least for the next few weeks, it will invite even more investors to buy. This will further push the rice upwards.
At the moment, all’s looking great for the king of cryptos, and the entire market as well.