April 16th is a good day for the leading cryptocurrency. The Bitcoin price reached and briefly remained the $8,450 mark after the massive buying volume received on several major cryptocurrency exchanges. In a similar fashion, Cardano (ADA) has also surged by 11% and became the second-best performer of the day.
The Bitcoin price gains also made the entire market recover and come back to the $300 billion gap. Throughout this year, the majority of cryptocurrencies have been sinking. However, it seems that this is not the trend anymore as Bitcoin is leading a new surge on the market. With that, it confirmed that it is undoubtedly among the best performing cryptocurrencies to date.
Speaking of, many analysts pointed their fingers to the rising demand for Bitcoin as the main concern for the sink of other altcoins. They also feel uncertain about the future of the market and are concerned how this short-term trend is going to affect the market in general.
On a side note, there have been many small-cap cryptocurrencies being acquired in parallel with Bitcoin and Ethereum. Their independent movement is another factor that contributes to the growth of the total market cap. Some of the names leading this trend include ICON (ICX) and other coins.
Analysts say that it is entirely possible for the price of Bitcoin to surge to the $9,000 range – only if it holds up the above-$8,000 level throughout the next few days.
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