Bitcoin and crypto assets are making a remarkable recovery today and markets are up almost $14 billion in under 24 hours.
Bitcoin Leading Crypto Markets
A few hours ago BTC started to move again, lifting off from its intraday low at support around $7,700. The move culminated in a top out at $8,250 according to Tradingview.com and a slight pullback has occurred over the past couple of hours.
The 7% surge has been extremely bullish for the rest of the crypto market as around $14 billion has been added to its total capitalization taking it to a seven-week high of $215 billion.
Since the beginning of the year, bitcoin and crypto asset markets have grown by 16% as technical signals are flipping bullish once again.
Altcoins are mostly in the green today with some pumping double digits but heavy resistance still looms ahead. Trader ‘Credible Crypto’ has eyed the chart patterns and sees nothing really bullish until these major resistance zones can be broken.
“Most coins are still under major resistance and have yet to prove themselves before we can say ‘the bottom is in’ …”
$ETH isn't the only coin that looks like this right now…most coins are still under major resistance and have yet to prove themselves before we can say "the bottom is in". I won't believe it till we start flipping some major resistance levels, until then this is just a dead cat. pic.twitter.com/R4VgXS2joN
— Credible Crypto (@CredibleCrypto) January 11, 2020
ETH Bears Keep Roaring
Ethereum has only managed a 4% gain on the day which has taken it above $140. The world’s second-largest crypto asset is still buried deep in a two-year bear market and still does not look strong enough to recover yet.
Despite huge momentum on Ethereum based Defi markets, and the release of ETH 2.0 Phase 0 specs, the asset remains in the digital doldrums where the price is concerned.
Ethereum needs to reclaim $150 and push higher before it can be considered bullish, until then the dead cat may well bounce as it has done so many times previously.
BSV Tulip Trust
The two altcoins on a roll at the moment are Bitcoin Cash which has surged 17% to top out at $275 and Bitcoin SV which has skyrocketed 40% to reach $170.
Recent developments in the ongoing legal battle between BSV protagonist Craig Wright, and the estate of his former business partner, the late David Kleiman have driven the momentum. A third ‘Tulip Trust’ document has been revealed alleging that there is another multi-billion dollar BTC fund owned by Wright.
BSV fans are hoping he will dump the BTC in favor of his own crypto coin which is pumping hard at the moment flipping EOS for seventh place.
Altcoin surges are nothing to get excited about any longer as in all probability they will be in the red again tomorrow.
Has the crypto altseason finally started? Add your thoughts below.
Images via Shutterstock, Coinmarketcap, Twitter: @CredibleCrypto The post appeared first on Bitcoinist.com. origin »
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Most of the cryptocurrencies including the digital gold, Bitcoin (BTC), have been seeing a downtrend since Nov. 2021, when the markets were at their best and crypto hit an all-time high of $3 trillion.
After what has now been almost two quarters of an agonizing sell-off, markets seemed to have found solace with Bitcoin staying squarely atop the $28,000 level.
After this week’s catastrophic drop in the cryptocurrency market, Bitcoin has fallen around 24% over the past couple of days. The markets are completely frantic as regular investors continue to pull their money.
Bitcoin markets fell over -7% in the past day amidst a broader fallout in crypto markets and a surge in the Dollar Index (DXY), data from multiple sources shows.
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The aggregated crypto markets have been subjected to the volatility experienced by Bitcoin over the past several days, which has primarily favored bears. The recent market-wide downswing has led altcoins like Bitcoin Cash to shed some of their recent gains, although their market structures still remain firmly bullish.
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Now that the Bitcoin price has gone on an absolute tear, it will be interesting to see how all other markets evolve accordingly. So far, it seems things are heavily in favor of the world’s leading cryptocurrency, as alternative markets struggle to keep up.
Despite the recent pullback, bitcoin will continue to grow, analysts predict. Pessimism on traditional markets and the US-Chinese trade war will contribute to bitcoin price surging.
Bitcoin has been on the up-and-up for several weeks and is now once again nearing the $8,000 region despite facing increased selling pressure earlier this week. Despite BTC’s upwards momentum, the aggregated crypto markets have generally failed to outperform Bitcoin since it first began surging.
It has been a rather interesting week for Bitcoin and other cryptocurrencies, tokens, and assets. Most markets some very spectacular gains, albeit the momentum has come to an end as of this morning.
US spot Bitcoin and Ether ETFs have seen a net outflow of over $1.5 billion in March, extending a five-week losing streak that has now reached $5.09 billion. However, inflows of $13.3 million on March 12 suggest investors may be stepping back in as Bitcoin manages to stay above the $80,000 mark. Farside Investors data […]
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Crypto coins remained under pressure during the weekend even after Donald Trump announced his plans for a Strategic Bitcoin Reserve (SBR) and held the first crypto summit in Washington. Bitcoin’s price has crashed below $83,000, while the valuation of most coins has dropped to $2.
Ethereum price has crashed this year, as its on-chain metrics waned and spot ETH exchange-traded funds (ETF) outflows rose. ETH has crashed in the last two consecutive weeks, and is hovering at its lowest level since December 2023.
The crypto market shows mixed signals today, with Ethereum dropping to the $2,100 mark while altcoins like Crypto-AI-Robo, CZ’s Dog and Prosper have surged double digits in the last 24 hours. According to the latest market data, Bitcoin (BTC) is…
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