So far, 2019 hasn’t brought along much price volatility on the cryptocurrency market, but the trend is quickly changing. With this in mind, the bitcoin price recently went through a 19% increase, thus breaking the $4,200 technical barrier. This quickly led to a price growth that managed to hit $5,000 in only a few hours. At the time of writing, Bitcoin is trading at $5,245.
As it often happens, following the price swing, numerous other important cryptocurrencies went through the same change. As such, the XRP, Litecoin and EOS all increased in value. The ether price grew from $137, and is currently trading at approximately $155.
Any price swing of this magnitude begs a simple, yet highly-relevant question – why? So far, several price analysts have shared their opinion on the matter. Before we dwell into the reasoning behind the uptrend, it is important to mention that this is pure speculation, granted bitcoin’s complex marketplace.