The cryptocurrency market kicked off the second quarter of 2019 with an explosive rally that saw Bitcoin and major altcoins post significant gains in a matter of days. Bitcoin Cash (BCH) emerged as the standout performer of the week, while the broader market experienced a dramatic shift in sentiment after months of bearish consolidation.
TL;DR
- Bitcoin surged over 20% in a single hour on April 2, reaching a 136-day high of $5,304
- The total cryptocurrency market capitalization grew by approximately $40 billion since the start of April
- Bitcoin Cash (BCH) led all top-10 cryptocurrencies with 94% month-to-date gains at its peak
- Litecoin (LTC) extended its impressive Q1 performance with 43% gains in early April
- BCH daily trading volume surged to $3.9 billion, up from just $500-800 million a month prior
Bitcoin Sparks the Rally
The catalyst for the market-wide surge came on April 2, when Bitcoin (BTC) staged a dramatic breakout that saw the largest cryptocurrency by market capitalization surge more than 20 percent in a single hour. The move pushed BTC to a 136-day high of $5,304, according to price data from CoinDesk. As of April 4, Bitcoin was trading at approximately $5,036, up roughly 23 percent for the week.
By April 4, Bitcoin’s price had pulled back slightly from its 2019 highs, with BTC settling around $4,922 according to CoinMarketCap data. The brief correction was seen by many analysts as a healthy consolidation following the parabolic move, with overall market sentiment remaining firmly bullish.
Bitcoin Cash Dominates the Leaderboard
While Bitcoin’s surge grabbed the headlines, it was Bitcoin Cash (BCH) that truly stole the show in the first days of April. The fourth-largest cryptocurrency by market capitalization posted month-to-date gains of 94 percent at its peak, making it the best-performing asset among the top 50 cryptocurrencies ranked by market cap.
On April 3, BCH experienced a particularly explosive session, with roughly 50 percent of its monthly gains recorded on that single day alone. The BCH/BTC trading pair surged nearly 40 percent as investors rotated funds from Bitcoin back into altcoins. By April 4, BCH was trading at approximately $302 per coin with a market capitalization of around $5.35 billion.
The surge in BCH trading activity was equally remarkable. Daily trading volume for Bitcoin Cash jumped to roughly $3.9 billion, a dramatic increase from the $500-800 million daily range recorded just one month earlier. The top five exchanges by BCH volume on April 4 were Lbank, Binance, Huobi, Bitfinex, and Coinbase, with USDT pairs dominating the action at 47 percent of total trades.
Litecoin Continues Its Strong Run
Litecoin (LTC) also posted impressive numbers, extending the strong gains it had accumulated throughout the first quarter of 2019 into Q2. The cryptocurrency was up 43 percent month-to-date as of April 4, having briefly approached the $100 price mark before pulling back to trade around $87. For the week, LTC was up approximately 42 percent, making it one of the top performers in the top 10 by market capitalization.
The fifth-largest cryptocurrency benefited from renewed investor interest in proof-of-work assets and anticipation of its upcoming halving event, which was scheduled for August 2019. The halving narrative provided a fundamental catalyst that attracted both retail and institutional attention to Litecoin during the rally.
Ethereum and Ripple Pull Back
Not all major cryptocurrencies shared in the rally’s continuation on April 4. Ethereum (ETH), the second-largest cryptocurrency by market cap, was down 3.9 percent on the day, trading at approximately $162 per token. Despite the daily pullback, ETH remained up over 13 percent for the week, reflecting the broader market’s upward trajectory.
Ripple’s XRP also experienced a 5 percent decline on April 4, trading at $0.34 per token. However, like Ethereum, XRP maintained a weekly gain of approximately 10 percent, indicating that the overall trend remained positive for the third-largest cryptocurrency.
Market Dynamics and Technical Catalysts
Analysts pointed to technical factors as the primary driver behind Bitcoin’s April 2 breakout. The cryptocurrency had been consolidating in a narrowing range for several weeks, and the sudden surge was attributed to a combination of short liquidations, algorithmic trading triggers, and renewed buying pressure from both retail and institutional participants.
One notable shift in market structure was the decline in Bitcoin’s dominance metric, which dropped to 50 percent during the rally. This decline indicated that capital was rotating from Bitcoin into alternative cryptocurrencies, a pattern typically seen during the later stages of a Bitcoin-led market surge. On April 3, investors began aggressively rotating funds back into altcoins, driving significant gains in both USD and BTC-denominated values across the board.
Why This Matters
The early April 2019 rally marked a significant psychological turning point for the cryptocurrency market. After more than a year of declining prices and waning investor interest following the late 2017 bull run peak, the sudden surge reminded market participants that cryptocurrency volatility works in both directions. The $40 billion addition to total market capitalization in just a few days demonstrated that the dormant bullish sentiment had not disappeared — it was simply waiting for a catalyst.
For Bitcoin Cash specifically, the rally served as a powerful statement about the competitive dynamics among Bitcoin forks. BCH’s 94 percent monthly gains significantly outpaced Bitcoin’s own performance, suggesting that investors were actively evaluating the merits of different blockchain implementations rather than simply following the market leader.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always conduct your own research before making investment decisions.
bch volume went from $500m to $3.9b in a month. that is not retail buying, that is coordinated accumulation
^ this. whales were loading bags for weeks before the april 2 breakout. the volume spike was the tell
renato_silva $3.9B volume on BCH specifically because the fork narrative was the only story in town that month. BTC, LTC, and BCH all pumped on the same liquidity
coordinated or not, BCH at 94% gains while most alts were bleeding was a clear signal that money was rotating into the fork narrative
$3.9b volume on BCH in a month doesnt happen without institutional flow. retail was still in shock from the 2018 crash
3.9b volume on BCH specifically because the fork narrative was the only story in town that month. BTC, LTC, and BCH all pumped on the same liquidity
20% in one hour on btc and people still call crypto boring. name one other asset that moves like that
nothing moves 20% in an hour in tradfi unless a company goes bankrupt. crypto is the only market where thats just a tuesday
94% on BCH because the fork narrative was pure speculation. where is BCH now compared to 2019? still below its highs while BTC went 10x
btc at $5304 was the breakout that ended the 2018 bear market. everything after that was just confirmation
debatable. btc bounced between 5k and 14k for another 3 months after that. the real breakout was when it flipped 10k in october
BTC at $5,304 after a 20% hourly candle. that single hour basically ended 14 months of bear market psychology. LTC at 43% gains got overshadowed but was equally impressive
LTC at 43% gains that week getting zero coverage because BCH went nuclear. litecoin always the bridesmaid
20% btc move in one hour was the classic short squeeze. funding rates were heavily skewed and someone got liquidated hard
lemon_squeezy funding rates were negative for weeks before this. the squeeze was inevitable, just needed a spark