Bitcoin and Ether Market Update: April 3, 2019
The total crypto market cap skyrocketed above the $170 billion mark after climbing from $144 billion to $175 billion since April 1, 2019. The top ten currencies are all in green with double-digit gains for the 24-hour period. Litecoin (LTC) and Bitcoin Cash (BCH) are leading the group with more than 30 percent price increase.
Bitcoin opened the new week with a $30 jump to $4,195 on the Bitfinex daily chart and successfully confirmed its position above the January high of $4,167. The BTC/USD pair managed to return to the uptrend corridor started on February 8.
In the early hours of April 2, the most popular cryptocurrency made a sharp movement upwards storming pass the psychological level of $5,000 and peaking at $5,108. In the short period between 23:00 CET on April 1 and 04:00 CET on April 2, bitcoin added more than $900, or 21.5 percent, to its value and reached a level not seen since November 2018.
It’s no surprise that trading volumes went through the roof and almost doubled from $11 billion before the run to $20 billion. The coin closed the day session at $4,918.
The United States Security and Exchange Commission (SEC) has once again delayed its decision as to whether approve or reject the Bitcoin exchange-traded fund (ETF) applications from VanEck and Bitwise. The financial regulator was expected to give a conclusive answer by the end of March but decided to give itself more time by extending the deadline with 45 days, to May 16 for the Bitwise ETF, and to May 21 for VanEck.
The Russian social media giant VKontakte (VK), which has more than 500 million users and is known as the “Russian Facebook,” is looking to launch its cryptocurrency. According to the local news agency RNS, the project is still in development, but the idea is to accumulate coins by getting more likes, comments or just by being active on the social media site. Users will then be able to exchange their cryptos or spend them on VKontakte’s very own VK Pay payment service, which was launched in June 2018.
Bulls were still not ready to push the price of the ETH/USD pair above the $150 mark as the resistance levels between $144 to $150 were just too solid to ignore.
Similar to the majority of the leading cryptocurrencies, ETH made an unexpected movement upwards on April 2 and in the matter of just one hour jumped from $143 to $155, which represented a price increase of more than eight percent.
It continued its march throughout the day and closed the session at $165, breaking the 2019 high of $161.