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Bitcoin [BTC] Breaches $5,500 Mark, Soared by 10% This Week; Bulls are Back?

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On April 23, Bitcoin finally broke out above $5,500 to mark its highest record in 2019. At the time of writing, BTC was trading in the green zone at $5,560 with a market cap of $98.1 billion. Here, its trading volume was recorded at $16.2 billion.

1 hr Chart Source: TradingView

The highest trading volume of the king coin was observed to be flowing in from BitMEX, an only-Bitcoin exchange. The pair that brought in the most investment was XBT/USD. which is a part of Perpetual Contract designed by the exchange. On BitMEX, the trading volume was recorded at $2.66 billion.

The second highest trading volume was $1.4 billion, according to CoinMarketCap. Here, the contributor was FCoin with the pair BTC/USDT.

During the past month, the state of Bitcoin has excelled as it was trading at just a little above $4,000. However, it underwent several upswings to reach where it is today.

A major upturn on the BTC chart was noted in the first week of April when the coin went up from $4,163 to $5,256 in a span of two days. From this point, the token adhered to the $5,500 spot until now.

Source: Coin Market Cap
Source: CoinMarketCap

Since crypto-winter, all the big coins that were stuck in red zone arose from their graves to an eco-friendly spirit. Many altcoins, such as Litecoin [LTC], Bitcoin Cash [BCH] and Binance Coin [BNB] have exhibited a massive spike in their prices and overall market performances. Recently, BNB broke into the top-10 cryptocurrency list while displaying its all-time-high figure on the price chart.

Also Read: Shop on Amazon and Buy Dominos’ Pizza Through Bitcoin Becomes a Reality

While BNB continues to amaze, Litecoin also entered the list of legendary performers with flying colors. During the bear market a few months ago, the coin was trading below an impoverished zone below $30. Soon, LTC took off as investor sentiment grew due to the launch of Lightning Network. Since then, the token’s value has more than doubled.

The crypto-community is onto celebrating a rising future for its industry as the bull is gradually phasing out the bear’s impact on the markets. Many technical advancements have also become apparent that would take the industry to the cusp of real-world applications.

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