Crypto Markets Turn Green Following Tough Week, Bitcoin Price Nears $18k

Spread the love

How about doubling your money within 12 months?

Following its latest plunge to $16.1k, Bitcoin has recuperated and almost at $18k again after dwindling close to $15k, inching closer to the all-time high of around $20,000. The digital asset appears unstoppable in the last couple of weeks, climbing higher every single day with only a few retracement periods.

Nonetheless, this bull rally seems far healthier than that of 2017/18 as it is more controlled and there is currently a lot more trading volume in the market. One of the main sparks of this new run was the support of cryptocurrencies by PayPal, one of the largest payment providers in the world.

The volatility in the cryptocurrency market is extremely high right now with some altcoins jumping up and down by more than 20% within hours. One of the most prominent examples is XRP which had a wild 163% run in the past 5 days to reach a high of $0.78.

The market capitalization of Bitcoin recently reached $353 billion for the first time ever, surpassing JPMorgan’s at $352 billion. Jamie Dimon, CEO of JPMorgan has been a prominent critic and hater of Bitcoin and cryptocurrencies in general calling them a ‘fraud’.

RECOMMENDED READ:  University of California Falls Prey to $1.15M Crypto Ransom Scam

Bitcoin has been outperforming pretty much almost any other asset in the market like Gold, the S&P 500, and other mainstream investment options like Commodities or US Treasuries.

What’s next for Bitcoin and the cryptocurrency market?

Bitcoin was dominating the market but has lost a good chunk of its percentage from a peak of 66% on November 19 to a current low of 61.8% as other altcoins like XRP, ETH, and LTC have rallied as well. The total market capitalization of the market excluding Bitcoin has jumped by $57 billion in the past week, indicating that perhaps the ‘altseason’ is coming back as BTC’s dominance dwindles.

BTCUSD Chart By TradingView

Bitcoin seems to be only facing one major barrier at $19,891 on Bitfinex and similar prices on other exchanges. Cracking the all-time high could be a major spark off the next FOMO wave, potentially pushing Bitcoin’s price towards $25,000.

Neither the MACD nor the RSI is as high as they were back in 2017 during the last bull rally, indicating that perhaps BTC price has a lot more room to grow despite being close to the all-time high.

 302 Interactions,  2 today

Why is XRP seeing such a massive rally because Ripple is only worth $3 billion on the secondary market?

Ripple is currently valued at $2 to $3 billion, but its XRP assets are worth around $70 billion. The equity Read more

Reddit reminisces about the now-defunct ‘Bitcoin faucet’ website that gave away 19,700 BTC for free.

It might seem unbelievable today, but in 2010, software developer Gavin Andresen set out on a quest to distribute free Read more

The price of Solana (SOL) is rising as airdrops draw new subscribers to the network.

This month, the price of Solana has increased by more than 50% as new ventures perform airdrops on the SOL Read more

Filecoin, IOTA, Enjin coin Price Movement Analysis for 11th April, 2021

The altcoin industry has been adjusting to the Bitcoin market's boom, and the valuation of most cryptocurrencies has risen in Read more

Algorand, Bitcoin Cash, FTX Token Price Movement Analysis for 11th April, 2021

Algorand wasn't yet able to ascend above its horizontal channel. If the bulls can prevent a collapse in the coming Read more

Cardano, Bitcoin SV, Compound Price Movement Analysis for 11th April, 2021

Cardano observed a pattern of declining exchange rate, indicating that the market was likely in a delivery process. However, in Read more

Why retail Bitcoin traders should foresee a price increase

Big Bitcoin wallet inflows indicate a bullish pattern turnaround in the coming week. The price is currently about $60000; but, Read more

Where are ADA, ETH,  DOT, and UNI price movements heading?

Based on price action in March and the first ten days of April, a pattern has appeared on the price Read more

Why this researcher believes the ‘hyperbitcoinization’ is not far from reality

Despite minor corrections over the last week, the Bitcoin price has been rallying higher, with the king coin once again Read more

Bitcoin Price Movement Analysis for 11th April, 2021

Is Bitcoin nearing its peak? It's unlikely. Many on-chain measurements revealed that, although Bitcoin was highly bullish, it had not Read more

Leave a Reply

Contact Us