Bitcoin rises 3.5% and reaches 5-month high

Bitcoin jumped more than 3.5% on Tuesday's spot trading, continuing its strong gains for the second day in a row and reaching the highest level in five months, amid the bull market run that's currently dominates the largest cryptocurrency in the world, with prices targeting the $6,000 levels.

As of 08:15 GMT, at Bitstamp, Bitcoin is trading around $5,580, rising by 3.6% or $192, from the opening of $5,388, with the highest since November 18th at $5,627 and the lowest at $5,363.

Yesterday, Bitcoin gained about 2%, on its sixth daily gain in the past seven days, as strong investment demand continues on the world's largest cryptocurrency.

The market value of cryptocurrencies on Tuesday, rose by about $5 billion to $186 billion, the highest level since November 2018, with the strong rise of most of the major currency markets.

Bitcoin continues to dominate the crypto market, rising from less than 50% in early April to 53.2% at present, as investors continue to focus on buying the largest cryptocurrency in the world and strongly suggest that the price recovery is on track.

The increase in dominance coupled with higher prices for the new year, it has further boosted the upward trend in the price of the world's largest cryptocurrency, as news continues to support the positive atmosphere in the encryption market.

In South Korea, a survey by the Korea Foundation for the Protection of Financial Investors showed that Korean investors took advantage of the lower cryptos prices to buy more, with their investments rising 64% compared to 2017.

The legendary tennis player, Serena Williams, revealed that she has invested in the "Coinbase" platform through her investment business firm,  Serena Ventures.

Tom Lee, Co-Founder of the investment company "Fundstrat", said on Friday, that his company's trading index was never seen in a falling market in April.

Tom said that in 2018 the index was no more than 50 days average, while it hit 89 recently, adding that values above the 67-day average never occurred in a falling market.

"This means that the bullish market for the Bitcoin may start in the up-coming period", he added.

Lee also pointed out that the price of the Bitcoin has recently surpassed the 200-day moving average, which means that the recovery of the Bitcoin is occurring faster than expected, and this corresponds to what he said in mid-March, when he said that he believes the key figure to be monitored is the 200 days moving average.