The bitcoin price has surged to $9,200 over the past 24 hours by recording an increase of around $400. It successfully maintained its momentum in the $9,000 region, which investors perceive as an important level that could lead the bitcoin price to enter the $10,000 in the short-term.
Investors have started to spot a trend in the market in the past two weeks; when the bitcoin price surges, altcoins and tokens tend to surge by bigger margins and when the bitcoin price falls, altcoins drop by larger percentages.
Although the market has added almost $200 billion since early April, the cryptocurrency market is still going through a mid-term recovery and in terms of extreme volatility and uncertainty, dominant cryptocurrencies such as bitcoin and Ethereum lead the market.
Still, altcoins and tokens are generally following the price trend of bitcoin and a bullish development in the bitcoin price will likely result in large gains for altcoin investors.
Pantera Capital CEO Dan Morehead stated that bitcoin crossed a key level earlier this month and that the value of the dominant cryptocurrency could surge throughout April and May as a result.
“Bitcoin has been growing at 165 percent a year for the six years that we have been in business. And something that is growing that fast hardly ever gets down below its 200-day moving average. When it does it is a very good time to buy. It did five years ago when we launched our first fund and it just crossed that earlier in April,” said Morehead.