Bitcoin Is Suddenly Nudging $6,000 As Ethereum Rockets–Here’s Why

Bitcoin has come close to crossing the psychological $6,000 mark as a so-called crypto spring continues to bolster digital tokens across the board, with ethereum, the world’s second largest cryptocurrency by market value, making double-digit gains.

The bitcoin price, which leaped at the beginning of April from around $3,500 to over $5,000, has been steadily marching higher since then and increasing its dominance over the cryptocurrency market. Bitcoin has risen almost 5% over the last 24 hour trading period to highs of $5,970 per bitcoin on the Luxembourg-based Bitstamp exchange.

Ethereum, meanwhile, has gained more than 10% over the same period after reports the U.S. Commodity Futures Trading Commission (CFTC) could approve an ethereum futures contract—something that might bring fresh institutional funding into the bitcoin and cryptocurrency market.

“Many people are looking closely at the level $6,200 as a major resistance for bitcoin,” eToro senior market analyst Mati Greenspan wrote in a note to clients. “Though I don’t see any major significance for this specific number, I suppose it’s as good a benchmark as any.

“The crypto markets have been on a roll lately. Bitcoin is significantly outperforming, not only compared to other crypto-assets but every other major asset so far in 2019.”

The CFTC’s comments, first reported by bitcoin and cryptocurrency trade news site CoinDesk and attributed to a senior official, suggests the…

Continue reading at FORBES.com

 

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *