Cryptocurrency market update: Investors looking forward to bullish May as Bitcoin stays afloat

The cryptocurrency market bed April a warm goodbye following the incredible performance the digital assets recorded along the month. The entire market capitalization shot to levels above $180 billion. Besides, it stands at $176 billion at press time with a total 24-hour trading volume of $41 billion.

Some altcoins like Binance Coin and Tezos rose significantly in comparison to the change in Bitcoin price. However, generally, Bitcoin’s market share increased to 54.4% compared to just above 50% at the beginning of April.

Fundamentally the market remains strongly bullish and we could see yet another breakout in the short-term. Besides, development and adoption continue to increase across the world with third world economies like Venezuela greatly warming up to Bitcoin as an alternative currency. Moreover, experts say that institutional investors who had taken a backseat following the bearish trend in 2018 are returning to the market, this is a positive sign.

Bitcoin price update

Bitcoin is back in a positive range following last week’s loss that tested levels below $5,000 before forming a low at $4,950. Before Monday’s breakout, the crypto was stuck below $5,200 key resistance level, although the downside was protected at $5,100. At present, BTC/USD is trading between a support congestion range between $5,300 and $5,400. In fact, on some exchanges Bitcoin is trading above $5,400.