Bitcoin Surpasses $43,000... "Bull Market Has Returned"

Breakthrough of $40,000 Resistance Level
Market Capitalization Share Also Rises

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] "The Bitcoin bull market has returned."

The cryptocurrency Bitcoin price has surpassed $43,000. After Bitcoin successfully rebounded strongly from a low of $29,000 in just two weeks, evaluations suggest that the bull market has started again.

According to CoinMarketCap on the 6th (local time), Bitcoin is trading at $43,002. On this day, the Bitcoin price continuously touched $43,000 and is attempting further gains.

At 11 a.m. on this day, Bitcoin broke above the $40,000 level and surged more than $2,000 within an hour. This is the first time Bitcoin has recovered to the $43,000 range since May 19.

Bitcoin Price Chart (Provided by CoinMarketCap)

Cointelegraph noted that Bitcoin has broken out of the $30,000 to $40,000 range. Although it still falls far short of the peak of $65,000, interpretations suggest that the worst situation has passed.

Bitcoin analyst Rekitt Capital analyzed, "Bitcoin entered a bull market as it rose supported by the 200-day moving average and then broke above the 21-day moving average, which had acted as a resistance line."

As Bitcoin’s price rises, its market capitalization share within the entire cryptocurrency market is also increasing.

Currently, Bitcoin’s market capitalization share is 46%. Bitcoin’s market cap share reached 69% in January but had fallen to 39% on May 19.

Bitcoin’s year-to-date increase is 48%, which far exceeds the S&P 500 index’s 18% rise.

As Bitcoin’s price rises, stocks related to Bitcoin such as Coinbase and Square are also showing strong performance.