Newsflash: Bitcoin Jumps Back to $3,900 Erasing Recent Losses

Bitcoin, the flagship cryptocurrency, has recently seen its price jump from a low of little under $3,700 to nearly $4,000 in about 30 minutes. What’s behind the cryptocurrency’s surge is currently unclear, but it is now at a high it hadn't seen since December 25.

According to CryptoCompare data, in the last 30 minutes the cryptocurrency has seen massive green candles that helped it recover from what was so far being a negative day to a day in which it’s already by 3%.

Bitcoin's price jumped to $3,900 out of the blue

The cryptocurrency started off by dropping from the $3,800 to about $3,650 in the last 24-hour period, but has since recovered to test the $4,000 mark, before its price came back down to the $3,900 mark.

While it’s unclear why the sudden jump, it’s worth noting development and adoption have been growing. As CryptoGlobe covered, its layer-two scaling solution, the Lightning Network (LN), has seen its mainnet capacity hit a 500 BTC capacity less than one year after being launched.

The number of cryptocurrency ATMs has also doubled to over 4,000 this year. According to available data, an average of 6 machines were installed per day, most of them in the United States.

On social media users are still trying to wrap their heads around the surge. Some, on the other hand, appear to be focusing on the cryptocurrency’s fundamentals.

As expected, most other top cryptocurrencies have also seen their trends reverse and have started surging. Notably most are currently outperforming bitcoin, as EOS, XRP, and TRX are all up nearly 4% in the last 24-hour period.

Ethereum’s ether, which has been recovering from a low of little over $80, is now trading at $134.4, after rising 7.3%. Bitcoin Cash, which earlier today was down by nearly 10%, has made a significant recovery and is currently up 5.4% to $171.8.

Litecoin, a cryptocurrency created as the silver to bitcoin’s gold, rose 7.8% to $32, while privacy-centric cryptocurrencies Zcash and monero rose 4.7% and 8.6% to trade at $62.7 and $51.3 respectively.

Justin Sun Congratulates CZ on Binance Coin (BNB) Price Setting a New All-Time High

On Saturday (April 20), Justin Sun, the Founder and CEO of TRON Foundation congratulated Changpeng Zhao (aka "CZ"), the CEO of Binance, and the rest of the Binance team on the Binance Coin (BNB) price breaking its previous all-time high (ATH), which had been set in January 2018.

This was the tweet Justin sent out at 08:54 UTC on April 20:

CZ replied with this tweet:

According to CryptoCompare, at 07:05 (UTC), the BNB price reached the new ATH of $25.42, as can be seen in the 24-hour price chart shown below:

BNB - 24 Hour CC Chart - 20 Apr 2019.png

As CryptoGlobe reported on April 18, there have been quite a few catalysts behind the impressive rise in the price of BNB over the past three months, a few of which are listed below:

  • High successful initial exchange offerings since January 28 (BitTorrent, Fetch.AI, Celer Network) via Binance Launchpad.
  • Ever-expanding list of use cases for Binance Coin.
  • Regular quarterly BNB token burns (the 7th one was reported by Binance on April 16).
  • Successful mainnet launch of Binance Chain (on April 18), with the swap from ERC20 BNB tokens (on Ethereum) to BEP2 BNB tokens (on Binance Chain) expected to begin on April 23 at 00:00 (UTC).

With regard to future BNB price catalysts, since Binance seems to be betting its future on Binance Chain, the main ones are probably:

  • a successful token swap process (i.e. from ERC20 BNB to BEP2 BNB);
  • existing projects, such as decentralized social media platform Mithril, announcing their migration to Binance Chain; and
  • new projects deciding to adopt Binance Chain.

Finally, if you are a BNB token holder and you are worried about how to prepare for the mainnet token swap, the best advice comes from Binance:

 

Featured Image Courtesy of Binance