Bitcoin was prepared to crack the $7,000 levels on March 20 as the miraculous turnaround of the dominant coin produced more than 90% in weekly gains. As the Bitcoin price spikes to new highs, data from many sites reveals that BTC/USD is trading around $6,600 this Friday, having risen by more than 20% in the preceding 24 hours.
The exchange spreads were wide as the crypto news today show. On Bitstamp, we saw an unusual one-minute candle that briefly took the cryptocurrency to $7,140. The bullish momentum intensified in the second half of the week after the fresh announcements of liquidity printing by central banks on a historically unprecedented scale.
As the media reported, the in-house analyst Keith Wareing predicted that BTC/USD would top out at around $7,200. For this, the $6,400 region should remain as support as he said. The events place Bitcoin firmly at odds with the stocks and the wider traditional market. In the United States, the markets failed to react to the monetary stimulus promises and the balance sheet of the Fed which hit record highs of $4.66 trillion.
What is important now is that the Bitcoin price spikes and as this continues, the altcoin news could show us new gains as well. Besides BTC, other safe haven assets such as gold were yet to stage a similar recovery on Friday.
Today, the news show that Bitcoin is above $6,500 with a 14% increase. Ethereum (ETH), on the other hand, is at $140 with a 12.25% upsurge to a new market cap increase of $15.52 billion. The price of Bitcoin SV (BSV) is among the biggest gainers on the day with a 28% increase, while the price of Bitcoin Cash (BCH) gained 20%.
EOS looks impressive as well, leading some of the altcoins with 15% in gains as the Bitcoin price rises. Currently, we can see that BTC is in a good momentum and is rising which is perhaps the only reason why the altcoin market is responding well. Speaking of which, the update today shows that the total cryptocurrency market cap is worth $183 billion, up by around $28 billion compared to yesterday and this week’s low levels.
The 24 hour volume is at $186 billion and Bitcoin’s dominance sits at 65.2%. Bulls are now expecting more gains while the momentum is hot.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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