The jump in the price of Bitcoin (BTC) and other crypto assets, has led the overall market cap to cross $182 billion yet again.
It is official – the crypto market cap has witnessed a new 2019 all-time high. According to CoinMarketCap, the leading provider of cryptocurrency data, that figure is $182.36 billion to press time. This is some $68 billion higher than the total market capitalization in January when it was hovering around $112 billion.
The surge in crypto prices
The cryptocurrency markets halted their meltdown. The bleeding seems to have stopped for Bitcoin and other major coins.
At the time of writing, Bitcoin is up 1.8% on the day and is trading around $5,247.30. Ethereum (ETH) has seen an even more price surge, adding 6.78% to its value. It is exchanging hands at roughly $180 to press time. The third largest digital asset Ripple (XRP) has seen 0.39% percent in losses on the day and is trading around $0.358827.
Early last week, Bitcoin skyrocketed suddenly thanks to an especially notable high-volume buying spree, bringing bullish sentiment back into the cryptocurrency market. The top-ranking digital asset surpassed the $5,000 mark for the first time since November 2018.
Why is bitcoin rising?
Many factors are influencing the Bitcoin Bull Run. According to BitcoinBro’s CEO Oliver von Landsberg Sadie, the sudden gains were most likely triggered by an order worth about $100 million spread throughout exchanges, Kraken, Bitstamp, and Coinbase.
The upcoming Bitcoin halving event that is anticipated in 2020 could also be a trigger for a price surge. However, it remains to be seen whether the next halving event will see BTC price reaching another all-time high.
There are many other primary factors in place that are supporting the price of BTC and other coins. The Intercontinental Exchange Bakkt could get the green light to launch its Bitcoin ETF soon. And we all know how positive Bitcoin ETF news could the bulls to the crypto markets.