Many expected Bitcoin to hit resistance at $4,000 and fall back again in a pattern repeated countless times this year. Instead it has broken through it and settled at the 200 moving average level at around $4,200. This movement has pulled the rest of the altcoins up to a new 2019 high in terms of market cap.
It seems as though CNBC has jinxed things yet again with another famous prediction in the opposite direction;
Bitcoin trading within inches of the $4,000 mark, but @jimiuorio says there could be a breakdown ahead pic.twitter.com/WRdoqnTwdk
— CNBC Futures Outlook (@FuturesOutlook) February 21, 2019
Markets are currently trading at their highest levels this year and at a market cap close to the Christmas Eve rally that took it to $146 billion. In the past 12 hours or so around $9 billion has been pumped in to cryptocurrencies pushing markets to a 2019 high of $144 billion. Daily volume is back over $30 billion once again and OKEx and Binance are the leading two exchanges with around a billion dollars in trade a piece.
Bitcoin has commanded things again as it broke through crucial resistance a few hours ago. It is currently trading at $4,190, up 5.2% on the day. The crypto twittersphere appears to be more excited about this than when BTC was hitting new highs back in 2017. A move to $5,000 would signal that the bottom is in and the crypto winter is starting to thaw.
The two crypto assets dominating things at the moment are Ethereum and EOS. Ethereum has surged around 12% on the day as it hits $165. Daily volume is up to $5 billion which is what we were getting for Bitcoin a month or so ago. Constantinople and Petersberg upgrades are due this week which is likely to be driving ETH momentum.
EOS is the other big mover at the moment as it also adds 12% and reaches $4.30. Since the beginning of the year EOS has made an impressive 67% recovery and cemented itself as the fourth largest cryptocurrency. Litecoin is also having a ball today as it pumps a further 7% as it pushes past $52.
NEO is getting some action during the current trading session as it surges 20% to $10.60. Likewise with Maker which has been performing solidly this month. MKR is up 14% today to $760 and a whopping 100% since the beginning of February. Ontology also needs a mention as it is the top performing altcoin at the moment with a massive surge of 30% as it reaches twentieth spot with a market cap of $386 million.
It is a happy Sunday in crypto land as the bulls are back in play.