Bitcoin Price has taken off, gaining upwards of 12 percent at the time of this writing. Its market capitalization surged over $80 billion, while the price has managed to hit a 4-month high.

Bitcoin Price 4-Month High

After a rough 2018 for Bitcoin and the entire cryptocurrency market, today marks a sea of green for virtual assets across the board.

The market’s forerunner, Bitcoin (BTC), is up 12.40 percent at the time of this writing, citing data from popular resource CoinMarketCap.

Today marked a massive rally for the cryptocurrency which, at one point, reached $4,900 – its highest price in four months.

The price has since pulled back and it’s currently circling around $4,651, which is about 12.40 percent on the day.

The market capitalization of Bitcoin is almost $82 billion. Interestingly enough, the BTC dominance indicator which measures Bitcoin’s relative share in the entire market’s capitalization has also risen to 51.5 percent, signaling that the currency is starting to regain its strength.

It’s also worth noting that Bitcoin shattered the $4,200 major resistance clearly, surging way past through it.

The Market Follows

As it is with almost every serious spike in the price of Bitcoin, most of the alternative coins (altcoins), tend to follow. Today was not an exception.

Every single cryptocurrency in the top 20 of CoinMarketCap is trading in the green. One of the forerunners is TRON (TRX), marking upwards of 11 percent gains on the day.

Another one that is also performing very well is Cardano (ADA), increasing in price with over 13 percent.

What Caused Bitcoin Price to Spike?

Perhaps one of the things everyone is looking for an answer to is the reason for the sudden spike in Bitcoin’s price.

As of yet, industry proponents and analysts remain silent.

“Over 1M people on Crypto twitter and not a single one can explain the spike!” – said Ran NeuNer.

Another thing worth noting is the change in sentiment. As noted by prominent Bitcoin proponent Alistair Milne, a lot of the seasoned Bitcoin traders are turning bullish.

“Pretty much every OG Bitcoin trader I respect is now leaning bullish.”

What do you think caused the sudden spike in Bitcoin price? Don’t hesitate to let us know in the comments below!