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Bitcoin Aims For $6,000 As Volume Of Trade In Nigeria Dips

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The price of Bitcoin is taking on the bulls and aiming to cross the $6000 price mark as it hit a 2019 high of $5,500 yesterday.

Also, the volume of week trading in the cryptocurrency in Nigeria declined.

Data obtained on Coin Dance, showed that weekly local bitcoin volume had been on a decline in April. From.N1.418 billion that was recorded in the first week of April,  weekly local bitcoin volume had dropped to N1.201 billion in the week ended April 13, 2019 and further declined to N1.199 billion last week.

At the international market, Bitcoin price spiked pulling the entire crypto market up with it prompting analysts and proponents to suggest that it will test the $6,000 level in the next few weeks.

Bitcoin’s price extended its April gains spiking past $5,500 for the first time in more than five months. Market capitalisation is also rising towards $180 billion again. Bitcoin accounts for over half of the whole crypto market capitalisation.

The price climbed to as high as $5,650 in less than 10 minutes yesterday, representing  the highest level that bitcoin has reached since November 18, 2018.

At the time of writing, bitcoin’s price has pulled back slightly, currently hovering around $5,560 across exchanges. Bitcoin just fulfilled the expectations of many of breaking resistance and surging to $5,640 according to TradingView.

The surge happened in almost an hour during the Asia trading session late this morning. This move puts bitcoin up around seven per cent while the fabled ‘golden cross’ finally comes into play.

Analysts are optimistic that the next stop can be $6,000 in the case that this momentum can continue in the European and US sessions. Bitcoin’s individual market capitalization rose to $96.9 billion, its highest value since mid-November.

According to Lukman Otunuga, analyst at FXTM, with the sharp and abrupt appreciation happening within a 30-minute window and no reports released explaining the cause, the culprit could be price action.

“The technical picture for BTCUSD is looking increasingly bullish on the daily charts, with the fabled bullish ‘golden cross’ slowly coming into play. Should the 50-day Simple Moving Average cross above the 200-day Moving Average, bulls could be injected with enough inspiration to attack $6000.”

 

Moreover, its market dominance now hovers around 53.2 percent, according to CoinMarketCap.

 

CoinMarketCap data also published that the cryptocurrency’s exchange trade volume surpassed 15 billion in the past 24 hours. Nonetheless, these figures may be slightly inaccurate as suggested by a recent  report from asset management firm Bitwise. According to the report, 95 per cent of the data on CoinMarketCap is fake. Only 10 exchanges report honest figures.

 

The 10 genuine exchanges combined reported $687 156 717 worth of total BTC trading volume in the past 24 hours as published by Messari.io. The exchanges include Kraken, Coinbase, Bitstamp, and many others. Normally, the USD value of most other digital tokens accompanies a strong move in bitcoin’s price.

 

The broader cryptocurrency market is flashing green on Tuesday with nine of the top 10 cryptos market cap rank gaining by at least two per cent. The strongest performer is Cardano (ADA), up around nine per cent on the day.

 

During the day’s rally, the total cryptomarket capitalization raked in around $6.3 billion. It is now hovering around $183 billion.

 

Since the start of April, the bullish sentiments have hit the market. Many analysts and commentators had diverse opinions on the direction that Bitcoin would take in the current trade cycle.

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