The weekend has started with a bang in the crypto world as Bitcoin breezed past resistance again to post a new 2019 high. The action has had the effect of pushing total market capitalization up to its highest level for five months.
Bitcoin Bulls Are Back
Just when it looked like more consolidation was on the cards Bitcoin surged past resistance at $5,600 and hit a new 2019 high of $5,880 a few hours ago according to Coinmarketcap figures. Trading in Asia has pushed volume up to almost $20 billion which is higher than the entire market volume was a couple of months ago.
The big push as resulted in a 4% gain on the day for BTC which is very likely to hit $6,000 in the next few hours. The sentiment is bullish all round as analysts chart further gains for Bitcoin;
Over the past seven days Bitcoin has gained 11% and since the beginning of the year it is up a whopping 55%. Not bad for an asset that bankers, politicians and ageing billionaires had written off. Markets have shrugged off the negative news regarding the Tether imbroglio and pushed even higher, defying expectations of a drop. The trend now is clearly up and is has been for the best part of this year.
Economist Alex Krüger commented on the current push stating that there is not far to go before we are back into a full bull market;
“BTC now at $5750, the 2018 low prior to the November crash. The 2018 bear trend ended once above $4200. Above $6400, 2018’s most traded price, it’s a bull market.”
Heavy resistance also lies around the $6,000 level so a push above it will not come easily. There may be several months of consolidation around here as markets did last year before moving in the other direction in mid-November.
Bitcoin’s bullish upside swing has taken its market cap back over $100 billion again. This has resulted in total crypto market cap reaching a new 2019 high of $188 billion a few hours ago. Over $8 billion has been added over the past 24 hours which has seen markets surge by over 4%.
Altcoins are also having a solid day at the moment with big gains for Bitcoin Cash surging 8% and heading back towards $300, Litecoin making 5% up towards $80 and Bitcoin Gold with a 10% surge towards $20.
The weekend has kicked off in the green and it is Bitcoin dominating once again.