Bitcoin price surged past $4,000 on Sunday, January 6. Cryptocurrency has spiked more than 6% on Bitfinex as it climbs toward $4,200. The cryptocurrency market seems to be getting better as original cryptocurrency BTC climbs above USD 4,000 for the first time in 2019. With a price increase of more than USD 300 in the past 24 hours as of the time of writing (GMT 17:40 PM), many in the crypto community breathe a sigh of relief.
Bitcoin market capitalization has jumped from $67,052,812,571 January 5, 2019 to $133,341,704,852 , according to the Cryptolization.
The world’s largest digital currency by market capitalization (market cap) had climbed to as much as $4,217 at the time of report, according to the Bitfinex crypto exchange chart. At this level, the cryptocurrency had surged roughly 7% in just a few hours.
BTC/USD Technical analysis
Other digital currencies also experienced notable gains during the day. Ethereum, the second-largest crypto currency by market cap, had climbed more than 1.19% in the last 24 hours, while Litecoin had risen more than 11.6%, Coinmarketcap figures show. At the time of writing Ethereum is trading at $159.43 and Ripple price increased to $0.368664.
Bitcoin (BTC) is a potential alternative currency to the standard fiat currencies (US dollar, the Euro, Japanese Yen, etc.) with various advantages such as low or no fees, a controlled and known blockchain algorithm of the currency creation, and an informational transparency of all transactions. BTC success has ignited an exposition of new alternative cryptocurrencies, usually labelled as “Altcoins”, with various motivations and aims. Bitcoin still remains a leading crypto-currency and with its massive capitalization of approximately 133,341,704,852 US dollars, it safely dominates the other crypto-currencies.