With crypto market cap surpassing the $200 billion mark, Thomas Lee, co-founder of Fundstrat Global and a renowned personality in the space, suggests that we have entered the bull market. Lee backed his claim with thirteen reasons in a tweet in which he also explained that bitcoin regaining its price at $8,000 after a pullback to $6,200, confirms that we have entered a bull market.
After a disturbing pullback to ~$6,200, #Bitcoin back >$8,000 further cementing positive trend intact.
As we said a few weeks ago, Consensus 2019 @coindesk was to prove whether crypto winter is over…
— Thomas Lee (@fundstrat) May 19, 2019
Stating the track of incidents as early as November 2018, Lee initiated his list of reasons, assuring that crypto winter is over by mentioning the disagreements of Craig Wright, the proponent of Bitcoin Satoshi’s Vision and Jihan Wu, the CEO of Bitmain, that also resulted in a bitcoin cash hard fork.
Bitcoin and crypto enthusiasts all over the world heaved a sigh of relief with and predicted crypto spring, following the crypto winter of 2018. Since April, the price of bitcoin has doubled and the crypto market is now flushing all green.
Lee concluded that the event of Consensus 2019 validates his claims of entering a bull market. Apart from Lee, many other bitcoin and crypto investors also firmly believe in the ‘Consensus Pump’ that caused bitcoin price to surge a 10-month high of $8,000.
In addition to the dedicated bitcoin bull, a crypto OTC trading brokerage also confirmed in a report that the crypto winter has ended. In the report, while walking through the behavior of the crypto market in 2018, it was revealed that cryptocurrencies experienced a dramatic fall. Opening with the market cap of about $620 billion on 1 January, 2018, the market closed roughly at $ 130 billion with a decline of 78.70%. Bitcoin alone lost 72.60% of its value by breaking from $13,657 to $3,742 by the end of the year.
Despite losing value, the report explained that bitcoin traded more during the end of the year than at the beginning. As compared to only 753.531 bitcoin traded on 1 January, 2018, 1.25 million bitcoins were traded on 31 December, 2018. The report stated that bitcoin’s trade growth of 65.30% in a bear market was an important factor as it strengthened the market shares of bitcoin from previously 33.84% to 51.69%.
In contrast, 2019 saw a market cap rise of 50.54% whereas trading volume climbed over three-folds before marking 227.95% improvement. The crypto market cap expanded from $125.71 billion to $189.24 billion till 9 May and the position of bitcoin improved as well. There were significant raises such as the 58.70% rise in bitcoin’s value and substantial enhancement for bitcoin trading volume.
After comparing today’s stats with last year’s, the extent to which the crypto market has flourished can be readily observed. Along with developments in the market, we can easily witness that bitcoin adoption is also up. Leading all other cryptocurrencies and overall directing the market, bitcoin has outperformed crude oil, tech stocks, US real estate and US stocks by offering the highest returns i.e., 50%.
In 2019, tables have changed drastically but the trust and confidence of Lee remains bullish toward bitcoin attaining $25,000. Lee first predicted bitcoin to reach $25,000 last year but has changed his prediction now to this year.
After enduring last year’s bear market, the investors and potential crypto enthusiasts are glad about the crypto winter finally coming to an end. The investment season is up and appears promising; however, the volatility of the bitcoin and other cryptos should never be forgotten or misunderstood while investing. Although confirmed by Lee and authenticated by Hivevex, bitcoin and other cryptocurrencies should be carefully traded with an open mind to avoid any mistake causing irreparable damage.