Bitcoin Price Shows Signs of Life

After a mostly sideways movement in overall valuations since the last week of February, cryptocurrency markets are showing signs of life again. In the last one week, the market capitalization for cryptocurrencies has jumped by approximately $9 billion to $139.6 billion, as of this writing. Trading volumes in the market remain the same.

Most of those gains have come from a surge in Bitcoin’s price. The original cryptocurrency broke past the $4,000 price market over the past weekend before retreating again this morning. It last touched that mark on February 24. As of this writing, bitcoin is trading at $3970.02, unchanged from its price 24 hours ago.

Prices for other cryptocurrencies have increased similarly. Among the top 10 coins, traders were most enthusiastic about Bitcoin Cash and Stellar, propelling increases of 13.6% and 7% in the prices of both cryptocurrencies since Saturday.

Bitcoin Cash, which actually represents Bitcoin Cash ABC, made a slew of privacy-related announcements this past week. It launched Neutrino, a light client with privacy features that protect information regarding user transactions. Roger Ver, a prominent backer of the coin, also said that the coin’s developers were working on a “self-custodial escrow” feature in the wallet.

Meanwhile, IBM has signed six banks to issue stablecoins to customers for remittances or foreign exchange on Stellar’s blockchain.

Bull Run Redux?

Admittedly, these price increases are relatively mild as compared to the previously volatile swings for bitcoin and other cryptos at the height of crypto mania. But they are enough to excite crypto traders numbed by a market that has either fallen or stayed constant at low price levels this year.

Some have pointed to the fact that 200-day moving averages for four cryptoassets are trending higher Billionaire crypto investor Michael Novogratz said on Twitter that crypto markets were setting the base for their next move higher.