Bitcoin soars over $4,900 as the crypto breaks its 200 daily moving average

Bitcoin enjoyed its most bullish rally of 2019, seeing its price rise close to $5,000 for the first time since 2018, as per data from Messari. 

At last check the price of the world's largest digital currency rose from around $4,185 Monday evening to $4,960 just before 1:30 a.m. ET on Tuesday, trading up 14% over the last 12 hours. One analyst noted in a conversation with The Block that bitcoin broke its 200 daily moving average, a critical metric for technical analysts. At last check, the price of bitcoin was trading at $4,958, according to Messari data

Trading volumes have surged as well, as per data from CoinMarketCap. The data provider, which has come under fire for over reporting trading volumes, reported $44 billion in crypto trading hands, at last check — the highest level in months. 

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Frank Chaparro covers the intersection of financial markets and cryptocurrency as Editor-at-Large. Since joining the publication in 2018 as its first reporter, he has played a key role in building The Block into a leader in financial journalism and research. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected]