Crypto Market Soars as Dominant Bitcoin Bulldozes $5,500 Resistance


By CCN.com: Crypto assets mostly rose Tuesday as a dominant bitcoin jumped to its highest level since November 2018.

The combined valuation of some 2,132 cryptocurrencies today attracted more than $4 billion in investments. Bitcoin’s capitalization alone surged by circa $3.3 billion as its price established a fresh 2019 high towards $5,591. Meanwhile, the other top crypto assets, including Ethereum, XRP, and Bitcoin Cash, merely tailed the bitcoin trend, each rising between 3- and 4.5-percent based on a 24-hour adjusted timeframe. At the same time, Cardano’s ADA posted maximum intraday gains among the top ten by rising more than 6 percent.

BITCOIN LEADS THE LATEST CRYPTO MARKET RALLY | SOURCE: COINMAARKETCAP.COM

The jump also followed a week of slumber across the cryptocurrency market. On April 16, the market capitalization had surged from $170 billion to $176 billion, after which the trend shifted to neutral. The sideways consolidation saw the valuation going as high as $182 billion, while the bearish correction risks remained low.

The market sentiment remained the same for bitcoin. The top cryptocurrency surged from $5,083 to $5,230 on April 16, and a pursued a week-long sideways trend – albeit with a bias towards bulls. The latest soar allowed bitcoin to strengthen its upside momentum, which means the same for the broader cryptocurrency market.

Factors

Standalone, the cryptocurrency market offered no theoretical explanation for its intraday surge. But in the context of the broader market, the upsurge accompanied a bullish session in the Australian and Asian stock markets. It also came ahead of a slew of US earnings reports from big tech companies such as Twitter starting Tuesday. Furthermore, crypto’s primary quoted asset, the US dollar, also opened bullishly after the Easter break.

Technically, the bitcoin analysts on Twitter constantly projected a bullish scenario for bitcoin using a Golden Cross indicator. The fact that bitcoin’s near-term moving average was hinting to jump above its long-term moving average allowed market sentiment to remain bullish. It was partially due to the high success rate of the Golden Cross patterns in the stock market.

On the whole, the $4 billion capital influx allowed the cryptocurrency market capitalization to establish a fresh 2019 high. At press time, it is around circa $185 billion.

Click here for a real-time bitcoin price chart. 





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