Crypto Markets got more than a $50 billion boost in circulation in less than 12 hours as the Bitcoin rally is now considered the largest one in recent history so let’s take a closer look in the coming altcoin news today.
The crypto markets were in danger of falling below the crucial $200 billion market capitalization but the crypto markets got an addition of $50 billion back in the bloodstream. Bitcoin literally skyrocketed yesterday just after the death cross on the daily charts spelled more bad sentiment for the digital asset. From the intraday low, the king of crypto surged to hit $10,000 according to tradingview.com before pulling back to four figures again.
The move added about 37 percent to the bitcoin price from an intraday low to a high. At the time of writing, the prices settled just above $9,700 which is still an increase of more than 30 percent on the day. It has been Bitcoin’s largest single-day rally since 2011 and the crypto community is rejoicing. The bullish comments from the Chinese president Xi Jinping on the use and development of blockchain technology are considered to be the biggest catalyst for the surge but another bullish momentum has come from the close of the CME futures and a record high for Bakkt futures trading.
Crypto market capitalization was hovering above the edge of the $200 billion levels this time yesterday and a 24 hour timelapse made a huge difference as an inflow of around $55 billion took the markets back up to $260 billion. According to Coinmarketcap.com, the daily volume surged from just over $50 billion to $15 billion.
Now there is a huge green wave over the crypto markets and Bitcoin is clearly dominating the things. Ethereum also added 15 percent as it closes down on $190 and reclaims the $20 billion market cap. Ripple’s XRP topped the $0.30 resistance barrier with a move of 9 percent and Bitcoin cash came back to the fourth spot as it surged 24 percent to $265. Litecoin is approaching $60 and EOS managed to get a larger gain of $3.30. Both of the assets are still down from their highs earlier this year.
Binance coin got back over $19 with a 14 percent gain and Bitcoin SV increased by 28 percent to top $140. Stellar has underperformed compared to other assets and added only 6.5 percent to reach $0.064.
Basic Attention Token Rises 11% After Perpetual Contract Launch
“We have seen an increase in institutional participation in trading, and these professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance.”The announcement seems to have sparked a lot of interest among the market participants in the coin especially now since the Basic Attention Token rises significantly. Despite the bullish impulse, this cryptocurrency could face a huge retracement. The TD sequential indicator is presenting two selling signals and one in the form of a green nine candlestick while the other is a sequential 13 candle. These bearish formations show that the Basic Attention token could retrace to four candlesticks before going on further in the bullish trend. A spike in the selling pressure behind this crypto around the price levels could validate the bearish outlook so BAT could even plunge to the 78.6% Fibonacci Retracement level. Breaking below the support line could start a harsh decline to the 61.7 percent or 50 percent Fibonacci retracement levels. The launch of the BAT perpetual contract only boosted the demand for this cryptocurrency. if the BAT is able to close above its recent highs, it could climb further Basic Attention Token is now ranked at #31 by market cap. Besides this altcoin, we can see that almost every coin is in the green today. The Bitcoin price news, for instance, is showing that BTC managed to rise by 3% only this afternoon and is at $10,135, again in the five-digit zone and with a stable momentum.
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Lebanese People Turn To Bitcoin To Escape Dwindling Economy
“Right now, Lebanese are interested in escaping tight restrictions on cash withdrawals and transfers. They basically want financial freedom. If you want to go around the banking system, Bitcoin is a solution.”What is also important to note is that last year, the government unveiled new tax plans - a move that led to a series of angry protests. At the time, protesters called on Lebanon's established political class to step aside, accusing the government of corruption and incompetence. The authorities in the country just spoke to the International Monetary Fund (IMF), asking them to help find a solution to manage the country's debt. Meanwhile, the Lebanese people have already considered options like Bitcoin which is why they are featured in the crypto news by Al Jazeera and many other news portals. https://twitter.com/CryptoLira/status/1214206996406243329
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