When 2019 started, two of the most pressing questions for crypto community were regarding a fresh bull run. One of those questions was when will a bull run begin in cryptocurrency markets, and the other was what will be the catalyst for it. Now it looks like we’ve found the answer to both these questions. The bull run in cryptocurrency market seems to have started, as within two days Bitcoin’s price has surged more than $1,500. Yesterday we had reported how Bitcoin crossed the $7,200 and then $7,800 marks, and now today morning we’re leaving that for a brief period Bitcoin also breached the $8,000 mark a few hrs ago.
That’s right. For the first time since September 2018 Bitcoin has touched the level of $8,000. According to CoinMarketCap data, its price went as high as $8,039 when we were sleeping. Just look at the chart shown below:
As you can see, the high of $8,039 was made at 4:19 AM. Shortly afterward the price retreated quite a bit and touched the $7,700 mark as there might have been some selling pressure, but it recovered once again and at the time of writing this article it’s trading at $7,959. Clearly, once again it looks all set to reclaim the $8,000 level it has lost.
When a bull run begins in Bitcoin, it’s impossible for other cryptocurrencies to remain untouched from it. As a result, all major cryptocurrencies are trading higher right now. You can see their condition at the time of writing this article in the CMC screenshot below:
Now, a question that comes to mind after seeing these greens is what is causing this rally. And at present no single reason is appearing to be the driving force behind it. There seem to be multiple reasons behind this rally, and we’ll examine all of them in a separate article later today so keep an eye on our updates.