Bitcoin hits its highest levels in over a month as crypto markets rebound




The price of bitcoin was up more than 4% Tuesday, as high as $US9,350 per coin, continuing a streak of gains that have pushed the world’s largest cryptocurrency to its highest price since mid-March.

Most cryptocurrencies saw a slight decline ahead of the US deadline for filing income taxes, which was predicted by both cryptocurrency investors as well as traditional market watchers, as investors sold off digital coins to pay Uncle Sam.

And the rally doesn’t appear to be over just yet, at least according to one analyst who says $US12,000 is in the crosshairs.

“We’ve seen a sustained bitcoin rise in the past week as confidence is buoyed, taking prices beyond the $US9k mark,” Matthew Newton, an analyst at crypto firm eToro, said in an email. “A boom in bitcoin is partly the result of a new US tax year, as investors are buying cryptos after they shed crypto-assets ahead of tax day last week. From our analysis, it is important that Bitcoin continues on this trajectory; breaking $US12,000 for the first time since January will be a potential turning point for bitcoin.”

April’s gains haven’t been limited to bitcoin by any means. Smaller coins have also fuelled a 74% rise in the total market cap for cryptocurrencies from $US243.56 billion at the beginning of the month to $US225.7 billion today, according to CoinMarketCap.

“The market is confident on all cryptos at the moment, not just bitcoin, with the trend to alt coins continuing,” eToro’s Newton said. “Investors should be aware that volatility is likely to continue, but we see a bright future for cryptocurrencies for the rest of 2018 and beyond.”

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