With Bitcoin currently trading at $5,331, the top cryptocurrency has already recorded 44% gains in 2019, and it’s firmly leading the crypto market revival. This has made BTC one of the best-performing assets in the global market alongside Nasdaq 100 and oil.
According to a tweet made by Charlie Bilello, based on year to date returns, Bitcoin has outperformed the likes of oil, gold, commodities, Nasdaq 100, S&P 500 and many more. The first 20% rally recorded by Bitcoin early this April from $4,200 to break past $5,000 has drastically changed the sentiment around the cryptocurrency market.
After the short rally investors had somehow expected bitcoin and the rest of the market to slow down, however, over the past few days the top crypto coin has kept increasing eventually managing to cross the $5,300 mark — a 32% increase within one month.
The crypto market revival is on thanks to another cryptocurrency that has added some positive momentum to the market. Since the beginning of the year, BNB has surged 322% against the USD consequently becoming the first crypto coin to break its all-time high since the last major rally in 2017.
There is no doubt as to what is behind the rally Binance coin is experiencing as the launch of the Binance Launchpad as well as the launch of its own blockchain yesterday which was highly anticipated have all inspired the gains.
The crypto market revival is set to continue given that there are reports that show a large number of institutional investors have already invested in the crypto market over the past 12 months. There are also funds sited on the sidelines inform of hedge funds, stablecoins and fiat on exchanges that have the potential to impact the short-term performance of the market.
According to Su Zhu, the CEO of Three Arrows Capital:
“There’s an estimated $2 billion in cash sitting at crypto funds/holdcos. There’s another $2 billion+ sitting in stablecoins, and another $2 billion sitting at exchanges/silvergate/signature. This is $6 billion fiat already onboarded to crypto to buy your bags. Imagine thinking we need new money to hit $10k.”
With improving market sentiment, expect the money to begin flowing in the market, and this could help erase last year’s losses.
Can BTC and BNB sustain the current crypto market revival? Share your thoughts in the comment section below.