As you probably know, the crypto market is on the rise for the third day in a row and while some cryptocurrencies are seeing mild surges in prices, others are performing at their best in years.
Bitcoin (BTC) has obviously been always in the focus. Right now, the most dominant cryptocurrency is testing $5,000 after gaining 14% in price over the past 24 hours. It is also important to note that BTC spent a few hours above the $5,000 mark and peaked $5,043 at some point according to stats from CoinMarketCap.
As of press time, Bitcoin is trading sideways and is hovering below the $5,000 level. The market cap of BTC has gained over $1 billion compared to the yesterday charts, when Bitcoin was mostly trading around the $4,700 mark. Reaching around $88 billion during the night peak, the market cap of BTC currently totals at around $88 billion.
Ethereum (ETH) which is the largest altcoin out there, has entered the day in green and is recording up to 10% gains in 24 hours. While the coin’s rate was at $150 yesterday, today it is trading above $165 and is proving a stable momentum with a market cap that managed to gain $2 billion in a day and climb to more than $17 billion at press time.
Meanwhile, Ripple (XRP) which is third on the list of top cryptocurrencies, has also been on the rise for the third consecutive day. The coin is now trading at $0.34 after a small decline and correction. Despite that, its market cap increased by $1 billion since yesterday.
Right now, the total market capitalization of all cryptocurrencies is also seeing a surge in comparison to April 2 when it was $163 billion. Today, the market cap is at $173 billion and the highest point that it made has been at $176.9 billion according to stats.
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“Out of the rubble, bitcoin has popped back up. It would take something like that to shatter this newfound confidence.”Since the start of 2019, Bitcoin increased by 65 percent and still continues to recover from the harsh bear market. Most of the gains happened between April and May 2019 when the largest cryptocurrency increased by 50 percent. According to the Bitcoin Bull, BTC going strong and it would take a serious event to crush its recent surge. Following the latest cryptocurrency news, the bitcoin price was not affected by the recent happenings. The Galaxy Digital CEO is not the only one that is bullish about bitcoin. Multiple analysts have been rooting for a bitcoin bull run. Experts notice the improved technical fundamentals of the currency and claim an impending price surge. Another popular bitcoin trader Peter Brandt who predicted the 80 percent crash in 2018, predicted that BTC is setting up for another massive growth similar to the one in 2017. Other enthusiasts say that the surge in interest for bitcoin will lead to another bullish cycle as well. Sources from Fidelity Investments say that the company will debut Bitcoin trading to institutional clients and this is another key indicator that the interest for bitcoin is growing. Fidelity could also be joining BTC trading providers such as TD Ameritrade and E-Trade. Bakkt is also working hard to get approval from the U.S Commodity Futures Trading Commission.
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“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.’’The analysis that Woo conducted can be attributed to his calculation of fundamental factors but also the technical factors in order to better evaluate the market. He later said that Bitcoin will likely hit a new bottom at $3,150 because of the Bitcoin Network Momentum and the technical indicators at that time as it was reported in the latest cryptocurrency news. In the next couple of weeks, the analysts believe that Bitcoin will undergo a consolidation period and will stabilize. Some traders are waiting to see whether the dominant cryptocurrency will retest some of the supporting levels below $5,000. The increase in interest in bitcoin which led to the new 2019 high, comes after Bloomberg reported that Fidelity will launch a crypto trading service soon.
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