The valuation of the total cryptocurrency market cap has risen to more than $141 billion and is now reaching a new milestone as the market is improving. We are seeing green everywhere in the latest cryptocurrency news – with a focus on the most dominant cryptocurrency, Bitcoin (BTC).
Even though Bitcoin has not recorded the biggest rise on the day, it is coming close to the $4,100 mark which is crucial for the cryptocurrency. The gains of 1% to 2% are repetitive for most of the top 10 cryptocurrencies which made sure to rise in terms of value and contribute to the growing market cap.
By rising more than $1.5 billion overnight, the market showed that it is led by the Bitcoin price. Based on the global average, BTC has remained above the $4,000 resistance level for more than a week now – and tokens have followed with new surges of up to 20% on the day.
Even though Bitcoin was a hot topic over the past couple of months for its inability to break out of the crucial resistance levels set in the $3,000 zone – it now managed to cross the $4,000 mark and is rising as we speak. The sentiment around the market is positive and is expected to improve, too.
Earlier this week, some reports suggested that analysts still foresee the Bitcoin price testing its lows in the $3,122 to $3,500 range before a potential accumulation in the upcoming months. Even though we don’t need to be so optimistic, the trend line is positive and since mid last year, Bitcoin has shown a pattern of experiencing several months of stability and then dropping largely afterwards.
So, if BTC continues to climb up in the $4,000 and $5,000 range, the resistance levels will climb too. According to Anthony Pompliano who is the co-founder and general partner at Morgan Creek Digital, the institutional investors and asset managers that are likely to buy BTC in the long run are committing to the asset class.
“In my opinion, blockchain and crypto-related investment opportunities will be one of the fastest growing sectors in the alternative asset management space in the next 10 years. This means that every alternative asset manager will have to create a strategy to help their LPs gain exposure to the nascent industry,” Pompliano said.
Aside from the greens recorded in the top 20 cryptocurrencies, the best performers on the day include the names of Ontology, Ravencoin, Tezos, Huobi Token, and KuCoin Shares – all recording gains from 12% to 25% on the day.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]