Flash Hike: Bitcoin [BTC] smashes $4,000 resistance in a single rise


This week has turned out to be the most pleasant one for the cryptocurrency market as all the coin started to rise in the bear’s suppressing kingdom. The currencies were all painted in green after several weeks of bleeding, with some even showing growth by double digits.

Additionally, out of all the days in this week, today, December 20, has turned out to be a rather special one for the whole market as all coins have started to take steps to regain their previous positions. This includes all major currencies such as Bitcoin [BTC], Ethereum [ETH], XRP, Bitcoin Cash [BCHABC], and Litecoin [LTC].

Bitcoin [BTC], the ruler of the market with the highest market capitalization, smashed through the $4,000 market after bleeding for almost two weeks because of the bear’s assault.

According to CoinMarketCap, at press time, Bitcoin was trading at $4,057 with a market cap of $70.73 billion, breaching the $4,000 mark in a single blow. The cryptocurrency records a trading volume of $7.56 billion and is witnessing a ride up the hill by over 8% in the past 24 hours.

Bitcoin one-hour price chart | Source: Trading View

Bitcoin one-hour price chart | Source: Trading View

The highest trade volume for the coin is surging in from BitMEX, as the exchange has $3 billion volume for BTC/ USD trade pairs. The second highest trade volume is pictured to be on Binance with Tether [USDT] pair. The other exchanges in the top-five include CoinBene, OKEx, and Bitfinex.

Ran NueNer, CNBC Crypto Trader host said on Twitter:

“40% recovery in a week! I’m cautiously optimistic that we have seen the bottom. On your marks, get set, troll…”

Recently, Mike Novogratz, spoke about Bitcoin [BTC] and other cryptocurrencies massive drop in price, with most of the currencies seeing over 90% drop since their all-time high. He said:

“We had a bubble, it popped, we’ve had a monster correction, altcoins are down 98%, Ethereum’s down by 90+%, Bitcoin is down by 85%, we’ve had the correction, and a lot of people say that this was Tulips, well, it wasn’t Tulips, it was a mania built on something that’s real.”

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