Bitcoin grew by 31.3% in the last 30 days, and cryptomarket raised by $40 billion.

Over the past 24 hours, the bitcoin price briefly surpassed the $5,300 mark in a short-term spike but retraced back to the $5,200 region. In the past 30 days, as the bitcoin price gained 31.3 percent against the U.S. dollar, the valuation of the crypto market increased by $40 billion.

Strong performances of alternative cryptocurrencies such as Enjin Coin and Binance Coin, which recorded 404 percent and 266 percent year-to-date gains respectively, pushed the momentum of the crypto market further. For the first time since May 2015, a technical indicator called the 2-week moving average convergence divergence (MACD) indicated a positive trend for bitcoin according to a technical analyst.

As bitcoin cleanly broke out of $4,200, which was a crucial resistance level for the dominant cryptocurrency and recovered to $5,000, it reversed many technical indicators that identify long-term trends. Year-to-date, since January, the bitcoin price has surged by 41.7 percent against the U.S. dollar, demonstrating strong momentum in a relatively short time frame.

The Rhythm Trader, a bitcoin trader, said that bitcoin has gone 123 days without retesting its low, which can be considered as a step towards a proper rally in the months to come. According to cryptocurrency investor Josh Rager, if bitcoin shows stability in its current range in the near-term, it would create a solid foundation to support the next upside movement of the asset. Previously, when bitcoin was unable to break out of an important resistance level at $4,200 for more than 3 months, analysts were concerned about the lack of movement in the cryptocurrency market.