The price of Bitcoin has reportedly hit a record high, pushing above the $5,600 mark for the third time in less than a month. Right now, we see Bitcoin at new high – trading even above $5,700 as the latest cryptocurrency news show.
The rally comes despite the confirmation that the world’s most popular stablecoin, Tether, is not backed “one-to-one” with cash as some cryptocurrency news sites reported. Meanwhile, Bitcoin’s market cap has also went above $101 billion for the first time since November 2018 – and as a result of the pump.
Even though there is Bitcoin at new high for 2019, analysts are skeptical if the trend is going to continue. As the technical indicators listed on many best cryptocurrency news sites show, we may see a slight correction to $5,600 which is now seen as the safe zone. What’s also important to note is that this high is still much below the peak for the past 12 months. As a reminder, on May 5, 2018 Bitcoin traded for close to $9,800.
What’s great, however, is the fact that the Bitcoin at new high shows that the bear market is over along with the “crypto winter” which made us see a lot of reds over the past couple of months.
The total crypto market capitalization has gained a $5 billion on the day, or around 3% and it is right now – currently at $180 billion and approaching the top of the present trading range. As we can see from the Bitcoin new high, the dominant cryptocurrency has also increased its market share and dominance to 55.6% which is another highest level for this year.
Unlike BTC, the top twenty is a little more mixed at the moment with Cosmos and Tezos streaking out ahead (13% and 8% gains respectively) as they both jostle for the fifteenth place. In the other altcoin news, Maker has also woken up again due to the recent announcements and is gaining 4% as we speak, knocking out Ontology and taking the twentieth spot on the list.
Fullish 🚀 pic.twitter.com/FoDzEKqBdS
— Alex Krüger (@krugermacro) May 3, 2019
The top ten is in line with the Bitcoin new high and is in the green mostly during the Asian trading session. However, there is still some heavy resistance for BTC which means that further gains may not be forthcoming so quickly.
The 50 day moving average (MA) for Bitcoin sits above $5,600 which coupled with the Bitcoin new high, is a great sign for a bullish sentiment.
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