Crypto market momentum has continued throughout the weekend, as Bitcoin just reached a new 2019 high. The result is also a new high for total market capitalization, as the fervor following last week’s big rally shows no sign of abating just yet.
Bitcoin Breaks $5,350
According to charts on TradingView.com Bitcoin reached a new 2019 high of $5,350 a few hours ago. Many had expected an almighty correction after the world’s top cryptocurrency surged over 25% last week, breaking a long standing resistance wall for the first time in over four months. That momentum is still going strong, as BTC posted new higher lows for the best part of the weekend and during Asian trading today.
Volumes are still at record highs with over $60 billion traded in BTC over the past 24 hours according to Coinmarketcap.com. Caution has been advised with a pullback expected, but at the time of writing it has yet to occur. Bloomberg ran an article on Friday claiming that BTC was the most overbought it has been according to the GTI Global Strength Indicator. Other analysts on Crypto Twitter are also calling the current situation ‘bullish excess’ and are predicting a correction following the big green candle which closed the first week of April.
Total Market Cap at 5 Month High
Bitcoin has had the time tested effect of pulling all of the other altcoins up with it. Litecoin and Bitcoin Cash have been on a roll over the past few weeks, increasing in price exponentially and taking the top fourth and fifth spots in the market cap charts.
Ethereum is today’s top performer, however, as ETH pumps 10% to reach $185. Volume is currently just below $9 billion, which is the highest it has been for well over a year. Critical resistance is approaching for Ethereum as it reaches the 200 day moving average which the smart contract coin has just passed. Failure to hold this level will result in a large pullback, but there is always the chance that Ethereum could push on to its next big level of resistance which is at $200.
All of this action has had the cumulative effect of pushing crypto markets to their highest levels for almost five months. A few hours ago total capitalization surpassed $185 billion, a level not seen since mid-November.
Since the beginning of the year, crypto markets have grown by almost 50% – as $60 billion was poured back into these assets following the bottom out in mid-December. The hope that the crypto winter is finally over has been renewed over the past week. However, the longer term trend is still down and the bears are still lurking.
Nevertheless, the fundamentals are generally still strong for the ecosystem. So if Bitcoin can get back to $6,000 and hold there, the only way is up for its brethren.