The bitcoin price ticked up to $5,240 per bitcoin on the Luxembourg-based Bitstamp exchange, its highest since November last year when a bitcoin cash-inspired civil war amongst the bitcoin and cryptocurrency community caused a near halving of bitcoin's value. The latest price surge, the exact cause of which is still not clear, adds 3% to the bitcoin price over the last 24 trading period and some $4 billion to total bitcoin market capitalization. This week has seen a sudden return of mainstream media attention to bitcoin and cryptocurrencies after they lost interest as the bitcoin price slumped throughout last year. "Six-month forward returns average 193% compared to a measly 10% when below its 200-day moving average—hence, being above the 200-day moving average is a big deal." Though the bitcoin price has been trading flat for a number of months now, bold bitcoin bulls have continued to talk up bitcoin and cryptocurrency prospects, with the founder and chief executive of crypto asset manager Galaxy Digital Mike Novogratz saying the next move bitcoin makes will be "higher."

Source: Forbes April 06, 2019 20:32 UTC