Crypto market leader Bitcoin on Tuesday jumped astonishingly, nearly hitting the price of $5000. With almost 20% pump, it recorded its all-time high rate in 2019.
The moonshot from the pacesetter pulled most prominent altcoins along with most top 10 coins registering double-digit growth. Bitcoin Cash nearly surged 40%.
Litecoin, Cardano, EOS and Ethereum were up 19.22%, 12.35%, 11.48% and 10.05% on Tuesday night respectively. The development has bloated the market cap of all cryptocurrencies from the $140 billion range to over $173 billion.
The gains are signalling a belief that the market is now out of the recession. But it is too early to conclude since the market was worth $800 billion beginning of 2018.
Views On Market Surge
Though this is not the first time to observe such a sharp turn around of market downturns in this ecosystem, it requires a thorough inquiry. QBITtimes solicited experts views on the sudden fortunes of the crypto markets that has sent waves of excitement around the community.
In a chat with Anthem Hayek Blanchard, CEO of Hercules, he had doubts whether the markets are out of the crunch and the gains are sustainable.
“I think this is a fake out although I hope I’m very wrong. Whenever I see pointless altcoins leading BTC, it makes me sceptical the move is sustainable,” Blanchard maintained.
In his opinion, the bottom is closer once BTC solidly leads price movement on the top 50 non-stable utility tokens. It is only then it would be clear the Crypto winter is over for now.
Likewise, Prashanth Swaninath, CEO and founder at XDAT exchange expressed a similar viewpoint. He noted:
“There has been positive sentiment building over the last few weeks. However such a spike is typical of a short squeeze, bots going crazy over TA breakout (4200 I understand), or whales moving large sizes. There has been some evidence of all of these. Not sure it’s sustainable.”
But Jeff Catalano, CEO of Payment Porte begged to differ. “I believe the current bull run is from the institutional money that is funnelling into the space and getting more comfortable with solutions of custody, wallet security, and regulatory framework that is in motion around the globe,” he insisted.
It will be recalled that In 2017 when Bitcoin price hit $5000, it was the psychological block which after being surpassed, thrust the price to $10,000 and beyond in a couple of months. “Will history repeat itself,” India Crypto Girl asked on Twitter.
It seems the majority don’t think we are out of the bitter Crypto Winter that has saddled the industry since the beginning of 2018. As to whether we have left the bloodbath behind and entering a new era of green days, it is only a matter of time for it to be apparent.