Bitcoin storms higher, rises 20% and tops $5,000 for the first time in 2019

Bitcoin storms higher, rises 20% and tops $5,000 for the first time in 2019

Bitcoin cash erupts; trades 30% higher

Bitcoin prices surged higher on Tuesday, rising as much as 20% at trading above $5,000 for the first time in since November 2018.

Bitcoin BTCUSD, +3.12% was changing hands at $4,765.85 in recent action, up 14.9% since Monday’s level at 5 p.m. Eastern time. The cryptocurrency hit a session high at $5,061, a gain of 22.9% on the day.

The market value of all cryptocurrencies rose more than $15 billion in less than 90 minutes on Tuesday, according to data from CoinMarketCap.

What are analysts saying

After months in the doldrums, bitcoin aficionados have awakened with several now calling the December 2018 low near $3,200 as a medium-term bottom.

“After being in bear territory there is a growing sense that bitcoin is back. I’m now calling that the market has bottomed and the so-called crypto winter has come to an end,” wrote Nigel Green, CEO of deVere Group, a U.K. consulting firm.

“I believe bitcoin will now move higher over the next few weeks and months, making steady gains for investors. As the largest cryptocurrency by market cap, this will have a positive impact on prices in the wider crypto sector,” Green wrote.

Bitcoin Cash explodes through $200

Bitcoin’s surge dragged altcoins, the group of coins other than bitcoin, higher. Ether, ETHUSD, +4.72% the second-largest digital currency by market value rose 11% to $156.19, Litecoin LTCUSD, +9.82% added 18.2% to $71.10, Bitcoin Cash BCHUSD, +17.31% erupted, trading 30% higher to $216.20 and XRP XRPUSD, +1.47% was trading at 34 cents, up 9% on the day.

Bitcoin futures marched higher on Tuesday, recording double-digit gains. The Cboe April contract XBTJ9, +2.49% gained 16.8% to $4,815 and the CME April contract BTCJ9, +3.66% was up 17.3% at $4,840.

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