Cryptocurrency market update: Tom Lee and BitMEX’s CEO Arthur Hayes comments on Bitcoin rally

Bitcoin price performance last week was like Usain Bolt on steroids, only this time he was running on a broke on a rollercoaster. Bitcoin surged massively breaking above $8,000 and brushed shoulders with $8,400 on most cryptocurrency exchanges. The price took a huge hit shortly after testing the region close to $6,500. The price did not, however, stay down for long as it recovered stepping above $8,000 once again. Presently, there has been a correction to the downside with BTC/USD dancing at $7,864.

Various experts in the market are attempting to demystify the recent surge in Bitcoin with some likening it to the pre-surge rally of 2017. Most analysts believe that Bitcoin already found a bottom and this surge marks the beginning of a bull rally.

The CEO BitMEX, the renowned BTC margin trading platform, Arthur Hayes reckons that “the bull market is real.” He feels that way because Bitcoin managed to reverse the trend almost immediately following a devastating plunge in the last few days. Hayes wrote on Twitter:

“The bull market is real. A momentary dip below 7k, and a few days later we are back above 8k and the Sep and Dec contracts are in contango. Booyah!”

Another top industry’s analyst Tom Lee of Fundstrat shares almost the same sentiments about Bitcoin as Arthur Hayes. Lee says that BTC/USD return to $8,000 level serves as the confirmation to the end of the elongated crypto winter.

“After a disturbing pullback to $6200, Bitcoin back >$8,000 further cementing positive trend intact…”

The volatility of Bitcoin continues to have a huge impact on the entire crypto market. Besides, BTC market dominance index is firm above 57% following a 60% hike in just a week. The roller coaster movement in Bitcoin also affected other assets as well in almost equal measures.

BTC/USD