Nobody could have predicted what has happened to Bitcoin over the past month. A break past $4,200 was inevitable, but a surge past $8,000, doubling its price, has shocked the nascent crypto space. Where BTC goes next will be paramount and moving averages will play a big role as they have done before.Correction is ComingMarkets always correct and now that the ice from the crypto winter has finally melted, investors and traders will be looking for new entry points. Technical indicators are all flashing over bought for Bitcoin at the moment. For the third day in a row BTC hit a new high for the year. Just a few hours ago during Asian trading Bitcoin touched $8,320 adding over 5 percent on the day.Daily volume is still holding record levels at over $30 billion and the parabola has extended on Bitcoin charts. It has even become something of a joke on crypto twitter;Guys I hate to break it to you but the #bitcoin parabola is simply out of room.We’re going to have to attempt a warp jump through space and time to continue this.Target $20k+, February 2019. pic.twitter.com/Vt9ppMTDEU— Moon Overlord (@MoonOverlord) May 16, 2019As we know from previous market cycles this action cannot be sustained and Bitcoin will fall back, guaranteed. When it does there will be an influx of buyers loading up on what could be its lowest price for quite a while.During the bull run of 2017 Bitcoin pulled back and tested the longer term moving averages several times. Long term trader ‘CryptoFibonacci’ has charted this showing the points where BTC returned to support at the MA levels; “Things will retrace and test the moving averages. Count on it!”$BTC Daily moving average Chart.Things will retrace and test the moving averages. Count on it!#BTC #bitcoin pic.twitter.com/9uXf1huLdR— CryptoFibonacci (@CryptoFib) May 16, 2019Looking at the chart it is clear that a pullback from current levels will send Bitcoin back to around $6,400 on shorter term moving averages. If BTC retraces to longer term support zones it could go all the way back down to $5,500 at the 50 day or even $4,300 again at the 200 day.These will form new support and buying zones and, now that the uptrend has been established, could well send Bitcoin back up into five figures again before the end of the year.CNBC, who have made a name as counter trade indicator for crypto, has called for a pullback as charts continue skywards reminiscent of December 2017. Anthony Grisanti of GRZ Energy told the outlet;“We had rallied above [key resistance] but then failed on two different occasions, [Bitcoin] has doubled in the last five months, so I would expect a bit of a pullback, and on the downside, there’s a very interesting gap there, from $6,870 to $6,425.”Renewed OptimismThe recent rally has renewed optimism and ‘hopium’ within the community with several big industry names have spoken out on Bitcoin’s movements and the end of the crypto winter. Gemini exchange co-founder Tyler Winklevoss stated;“Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it’s only the bottom of the first inning!”Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it’s only the bottom of the first inning! 🚀👍— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019Market corrections are a natural thing and the number waiting for this one with fingers poised on the ‘buy’ button is growing.Image from Shutterstock
Crypto markets hit another high; Ethereum, Stellar, Cardano, ETC and NEM on fire. Market WrapYet again crypto markets have surged to a new high for the year. This time the altcoins are in control as Bitcoin remains steady above $8,000. Total market capitalization pumped by a further $20 billion topping $260 billion as the bulls keep buying.There is no stopping Bitcoin at the moment. A few hours ago, during the morning’s Asian trading session, BTC hit another new high for the year at just over $8,300. It has since pulled back to the temporary support level of $8,000 where it currently resides. There has been a lot of talk of a larger correction but as yet it has not materialized.Ethereum is on fire today with a massive spike of 20 percent to hit its highest price for almost a year. ETH touched $270 a few hours ago before retracing back to $260 where it is trading at the moment. As reported by NewsBTC yesterday, Ethereum was predicted to surge as Bitcoin cools off.The top ten is pumping at the moment with double digit gains for a couple. Stellar has lifted off surging over 30 percent on the day to hit $0.157, its highest price since the big November dump. The momentum appears to be FOMO driven but Poloniex has announced Stellar inflation rewards which could also be contributing. Cardano is also cranking with an 11 percent drive up to $0.095. Litecoin is back at $100 and BCH has hit $420 as altcoins light up the markets.Poloniex announces Stellar inflation rewards via /r/Stellar #xlm #stellar https://t.co/wScODWPBTh— Stellar Reddit (@RedditStellar) May 15, 2019The top twenty is a wall of green with NEM shooting for the moon with a 40 percent surge today. Ethereum Classic is following its big brother adding 18 percent to reach $8 and Bitcoin SV and IOTA are both over 12 percent higher today.FOMO: NEM RevivedToday’s top one hundred top performer is NEM pumping over 40 percent. Volume has surged from $18 to $73 million as XEM hits $0.10 for the first time since August last year. The FOMO is being spread around as Dent gets a 30 percent boost and even Verge has been revived from death with a pump of 26 percent on the day. There are too many altcoins in double digits to mention here which is not a bad thing!Only ABBC Coin is getting dumped with 5 more percent lost today. And of course yesterday’s pump, PAI, is dumping predictably today. Aside from those two only the stablecoins are showing red at the moment.Total market capitalization 24 hours. Coinmarketcap.comTotal crypto market capitalization has increased by another $20 billion surging to a new ten month high of $264 billion. A slight correction over the past couple of hours has dropped them back to $255 billion. Volume remains at record levels of $110 billion and Bitcoin’s dominance has fallen back below 56 percent as altseason gets under way as predicted.Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
For the best part of the last month Bitcoin has been relentlessly chomping into the altcoin markets as its dominance surged to a seventeen month high of 60 percent. An inevitable cooling off and pull back for Bitcoin is expected, but will traders be putting their profits back into fiat or choosing low priced alternatives such as Ethereum?Ethereum Prices Sill On The FloorEthereum is rallying at the moment but the long term picture still shows ETH depressed at mid-2017 prices, down 84 percent from its all-time high of $1,400. Comparatively, Bitcoin has almost doubled in six weeks and is only 60 percent off its peak price.Ethereum shot to $400 in June 2017 and then again in early September but spent a lot of time hovering around the $200 to $300 level. It only really took off in December of that year in a short lived rally that was on the way down again by mid-January.Since then Ethereum nosedived almost 94 percent to a low of $85 in mid-December 2018. It has shown limited signs of recovery but has been blitzed by the performance of others such as Litecoin and Binance Coin. That could all change when Bitcoin corrects and traders seek cheaper alternatives. Crypto trader going by the moniker ‘CryptoFibonacci’ wrote;“It makes sense, with the money some people have made on BTC, they will naturally rotate back to some beaten up Alts they like. The key here is to see what reacts well and what does not. A lot of these Alts will not be around in a year, so be careful IMO.”$BTC $ALTSIt makes sense, with the money some people have made on BTC, they will naturally rotate back to some beaten up Alts they like. The key here is to see what reacts well and what does not. A lot of these Alts will not be around in a year, so be careful IMO.#BTC— CryptoFibonacci (@CryptoFib) May 15, 2019Ethereum would be a good choice since it still has huge potential and massive upgrades slated for later this year. Add to that its low price and we could see a move up to $300 pretty quickly. Other traders such as ‘The Crypto Dog’ wrote “I am currently long $ETH/$USD. #Ethereum currently at resistance, if it can break this range high I think we see $240 very soon. Next target after that: $300.”Ethereum is currently at resistance just above $200 but could well go further if it can be broken due to a short term outflow from Bitcoin. ‘Crypto Fib’ added;“Getting close to major resistance. But it is also forming an ascending triangle. Expecting a retrace here soon but then to break out higher after.”$ETH Daily Chart.Getting close to major resistance. But it also forming an ascending triangle. Expecting a retrace here soon but then to break out higher after.#ETH #ethereum pic.twitter.com/OCsugcazCZ— CryptoFibonacci (@CryptoFib) May 15, 2019At the time of writing Ethereum was having one of its best days of 2019 with a surge of 10 percent from just above $200 to $220 according to Coinmarketcap.com. Daily volume is at a solid $13 billion and ETH market cap has reached $23 billion, its highest for seven months. Ethereum is slowly pulling itself off the floor but there is a long way to go yet for the world’s second largest crypto asset.Image from Shutterstock
Crypto markets surge to new ten month high; Ethereum, XRP, Stellar, Tezos and NEO leading the way. Market WrapFor the second day in a row crypto markets have surged hitting a new 2019 high and a level not seen for ten months. Bitcoin has remained buoyed up and the altcoins are now revving up to boost total market capitalization up another $10 billion to $245 billion.Bitcoin took a dive back to $7,700 a few hours ago but traders in Asia have lifted the king of crypto back over $8,000 again. BTC is currently trading level on the day at $8,030 and holding steady for now. Further gains are looking unlikely, but we said that when it crossed $6,000!Ethereum is heating up today as Bitcoin starts to show signs of possible cooling. Rock bottom priced ETH surged 11 percent from an intraday low of just over $200 to just below $230 where it currently trades. This is the highest level Ethereum has seen for seven months as its market cap pushes past $24 billion.$ETH Daily Chart.Getting close to major resistance. But it also forming an ascending triangle. Expecting a retrace here soon but then to break out higher after.#ETH #ethereum pic.twitter.com/OCsugcazCZ— CryptoFibonacci (@CryptoFib) May 15, 2019The top ten is mostly in the green with several altcoins getting double digit FOMO for the first time in months. XRP has extended its run with a further 13 percent on the day to pass $0.43 and Stellar is mirroring its performance as it has done in the past with a 9 percent pump for XLM to $0.12. Cardano is still going strong adding 8 percent as Bitcoin Cash starts to pull back dropping 3%.A solid wall of green has enveloped the top twenty during Asian trading. Tezos is having a moon shot with a 22 percent taking XTZ to $1.63. NEO is finally getting a massive 14 percent pump to reach $12 and Ontology is adding 12 percent on the day. Even Tron has woken up finally with a 10 percent gain bringing TRX back to $0.029.FOMO: Project Pai PumpsThere is a lot of FOMO going around at the moment but PAI is getting the most of it with a 25 percent surge on the day. The AI based crypto token has been battered with the rest but is having a rare moment today. As mentioned Tezos is going well with 22 percent and Ravencoin is the third altcoin gaining over 20 percent today.Taking a hit at the moment is ABBC Coin as it dumps 13 percent today, closely followed by Factom dropping 8 percent. Yesterday’s pump, Holo, is dumping today as expected.Total market capitalization 24 hours. Coinmarketcap.comTotal crypto market capitalization has surged by $15 billion in the past 10 hours or so. Daily volumes are at record highs hitting $107 billion a couple of hours ago propelling market cap to $245 billion. A staggering 32 percent increase has been recorded for crypto markets since the same time last week equating to a cash injection of $60 billion.Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
The FOMO has finally returned to crypto markets as scenes reminiscent of late 2017 start to unfold this week. Bitcoin has been the clear leader with dominance almost touching 60 percent and a surge over $8,000 for the first time since July last year.Bitcoin is King At 60%The BTC maximalists are full of hopium again today as their daddy blasted past another resistance zone and hit a new high of $8,050 a couple of hours ago. Asian trading has seen a slight pullback but the bulls are still grabbing the markets by the horns and keeping BTC buoyed up.Trading at just below $8k, Bitcoin is up 14 percent on the day in its second thousand dollar surge this week. At the weekend BTC pumped from $6,300 to $7,500 and many expected a correction which has yet to materialize. Over the past 24 hours BTC has pumped from just over $7,000 to top $8k for the first time in ten months.Market dominance is a touch under 60 percent which is the highest it has been since mid-December when BTC surged to its all-time high of just under $20k. The move has been that big that mainstream media is back on the FOMO train with headlines such as ‘Bitcoin’s Surge to Almost $8,000 Rekindles Memories of Bubble’.Fundstrat co-founder Tom Lee told Bloomberg “Bitcoin is acting differently since moving above its 200-day moving average.” He is not wrong; BTC has gone parabolic, almost doubling in price since early April where it traded at $4,100.All About The InstitutionsThe increased interest from institutions such as Fidelity, E*Trade, and Bakkt has no doubt added to momentum. According to a medium post, Bakkt will start preparations for user acceptance testing (UAT) for futures and custody, which they expect to start in July. There will be two contracts available; a daily settlement BTC future, enabling same-day market transactions, and a monthly BTC futures contract which will enable trading in the front month and across the forward pricing curve.Institutions are clearly keen to cover their bases with Ikigai Asset Management CIO Travis Kling adding;“This is a hedge against irresponsibility from governments and central bankers … the world is waking up to the value of a hedge against quantitative easing.”“This is a hedge against irresponsibility from governments and central bankers…the world is waking up to the value of a hedge against quantitative easing.”@OJRenick and @Ikigai_fund‘s @Travis_Kling go down the checklist for why #bitcoin won’t stop rallying.
📊 $BTC $ETH $LTC— TD Ameritrade Network (@TDANetwork) May 13, 2019Speaking to Bloomberg Kling added “The largest crypto gathering in the world is going on right now, Consensys, and there’s Bakkt announced their futures product is going to be up and running in July,”According to the DVAN Buying Selling Pressure Gauge, Bitcoin is seeing the highest buying pressure since the late 2017 surge which propelled it to giddy heights of $20k.In addition to institutions major corporations such as Microsoft, Amazon, eBay, Facebook and Whole Foods are getting into crypto payments and blockchain platforms. The ice has finally melted and crypto winter seems like a distant memory now though the altcoins are still not fully free of the bears just yet.Image from Shutterstock
Crypto markets surge to nine month high; Bitcoin, XRP, BCH, EOS and IOTA commanding things.Market WrapThe ice has melted. Crypto winter is now over as markets surge an epic 13 percent on the day to hit a new high not seen since September last year. Bitcoin has led the pack once again but some of the altcoins are getting double digit gains today. Total market capitalization has pumped close to $240 billion, doubling since mid-February.Bitcoin breezed past $8,000 a few hours ago to record a high of $8,050, its highest price for almost nine months. The monumental daily pump is the second time in less than a week that BTC has surged by a thousand dollars. The big pullback that everybody has expected has not arrived yet and momentum is still extremely bullish for the king of crypto.Ethereum has finally broke and remained over $200 as it too grabs the coat tails of Bitcoin and rises 10 percent. ETH was trading just below $210 at the time of writing and is likely to go higher according to the technicals. ETH has not had a sustained run above $200 since early November and the FOMO is getting shared around today.The top ten is on fire at the moment. XRP has shot off like a rocket with over 20 percent added in its largest single move since December last year. Currently trading at $0.387, XRP volume has pumped to over $3 billion. Bitcoin Cash is getting a double digit gain of 11 percent as it knocks on the door of $400 and EOS is over $6 again with 12 percent added on the day. Even the lack luster Stellar and Cardano are pumping ten percent today as the altcoins awaken.The party has continued into the top twenty during Asian trading with IOTA getting the biggest gain of 13 percent to reach $0.353. Double digits are also cranking prices up for Monero, Dash, Ethereum Classic, NEO and Ontology.FOMO: Ripple Army MarchesXRP its today’s top performing crypto asset. Forbes has run a piece on the expansion of the XRP ledger and the company has been relentless in securing new banking partners. Holo is the second best performing altcoin in the top one hundred at the moment as it surges over 15 percent. There are too many other altcoins in double digits to mention here at the moment.Not all of them have been invited to the party though. Maximine Coin is dumping again with MXM at the bottom of the pile dropping 8 percent. KuCoin Shares is the other big loser today with a 6 percent slide.Total market capitalization 24 hours. Coinmarketcap.comTotal crypto market capitalization has surged by a monumental $27 billion over the past 24 hours. At $238 billion things have not been this high since early September, nine months ago. Back then the trend was downwards, but over the past three months things this time have been on the up. Daily volume is approaching a record high of $95 billion as fomo grips crypto land once again.Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Bitcoin’s epic surge over the weekend has brought some much needed elation back for crypto enthusiasts who have spent the best part of last year battered and bruised. The chart patterns playing out however look uncannily similar to previous market cycles so a pullback is expected.First $1,000 Weekend Since 2017Bitcoin went parabolic over the weekend notching up its first $1,000 gain since 2017. By the end of last week BTC had out performed many of its brethren and had reached critical resistance just below $6,400. Unperturbed, ts surged past this on Saturday adding over a thousand dollars to reach a new yearly high of $7,480 by Sunday afternoon.The 17 percent gain sent BTC to its highest level since August 2018. According to Yahoo Finance, “All five members of the Bloomberg Galaxy Crypto Index are up more than 8% this weekend, based on pricing from Bitstamp and Bitfinex.”As usual CNBC got it completely wrong again stating that BTC would pull back after breaking the $6,000 barrier. The news outlet has become known as the best counter trading indicator in the ecosystem;Bitcoin breaking back above $6,000, but @jeffkilburg says buyer beware: it won’t hodl here $BTC pic.twitter.com/GH3v7Vcr3R— CNBC Futures Now (@CNBCFuturesNow) May 9, 2019At the moment markets are correcting and Bitcoin has pulled back to just above $7,000. Daily volume, which surged to $30 billion, has also retreated to $26 billion which is still the highest it has been this year. Analysts and traders are expecting further corrections during which time they will be accumulating again. Crypto investor Josh Rager noted the similarity between this market action and a movement at the end of the 2015 bear market that instigated the bull run of the next two years;“Amazing similarity between the last bear market prior to uptrend. Bitcoin had a similar parabolic push out of accumulation, followed by a pullback and uptrend. Watching for a potential pullback where I’ll add more to the stack,”$BTC – 3D chart Super GuppyAmazing similarity between the last bear market prior to uptrendBitcoin had a similar parabolic push out of accumulation, followed by a pullback and uptrendWatching for a potential pullback where I’ll add more to the stack pic.twitter.com/JABErMhlMq— Josh Rager 📈 (@Josh_Rager) May 12, 2019Another technical analyst going by the handle ‘Cryptohamster’ correctly predicted the run up to $7,500 in early April after analyzing charts from previous market cycles. “If history rhymes and Fibonacci retracement is a real thing, bitcoin will rise to $7.5k and then will have a massive correction to $4.3k. That will be the last attempt of bears to come back,” he tweeted. The Fib levels have been key here as BTC did climb all the way back to touch the 0.618 level.A final shakeout could induce a dump back to the 0.768 level which would be around $4,200 according to the charts.According to the chart, it was actually 7550$.
Yesterday the peak price was 7580$ on Coinbase…
Fibo rules.$BTC #bitcoin $BTCUSD https://t.co/ZokQAwilb1— CryptoHamster (@CryptoHamsterIO) May 12, 2019A pullback to this level could well be the catalyst for a massive bull run as major accumulation is likely to occur if BTC ever goes back anywhere near $4k. Either way the weekend’s action has been uber bullish and more is likely to come in 2019 when Bitcoin starts hitting the mainstream headlines once again.Image from Shutterstock
Crypto markets correcting on Monday morning; Binance Coin and Dash still climbing, Litecoin, EOS, BSV and NEO dumping.Market WrapFollowing the weekend’s epic Bitcoin rally, crypto markets have started to correct this Monday morning. In a natural market movement crypto assets are pulling back but total market capitalization is still at a six month high of over $200 billion.Over the past 24 hours Bitcoin surged to a new 2019 and nine month high of $7,500. The epic rally saw daily volume rise to a record high of $30 billion which is over double what the entire market was getting a few months ago. Since the peak, BTC has pulled back as expected and is currently trading at $7,050, down over 4 percent on the day.Ethereum also got a boost finally as it topped $200 for the first time in six months. There was not enough momentum to keep ETH at this psychological resistance level and it too pulled back 4 percent on the day to drop just below $190.The top ten is all in retreat at the time of writing. All of the altcoins are beating a retreat aside from Binance Coin which has pumped 7 percent on rumours of a link up with eBay from leaked pictures from the Consensus 2019 conference in New York. BNB was trading at $22.70 a the time of writing.Yes and the coin which is supposed to be supported is none other than $bnb— CRYPTO ENTHUSIAST (@CRYPTOgraph_ER) May 12, 2019The rest are correcting hard with Litecoin and EOS losing the most at 5 percent. Bitcoin Cash, Stellar and Cardano are not far behind dropping 4 percent from their 2019 highs yesterday.The top twenty is also a wall of red at the moment, all aside from Dash which has actually made a couple of percent to reach $129. Bitcoin SV is dumping hard with over 8 percent lost and NEO is back below $10 losing 5.5 percent on the day. The rest are sliding back 3 – 4 percent each.FOMO: iExec RLC Enters The Top 100RLC has pumped 13 percent to enter the top 100 cryptocurrencies and is the top performing altcoin at the moment. The cloud computing based blockchain platform token is predominantly traded on Binance which has 70 percent of the total volume. As mentioned, BNB is also getting some fomo today and Waltonchain has just spiked by 6 percent.Most altcoins are dumping today but those dropping double digits include Factom, Aurora, Bytecoin and Truechain all losing 11-13 percent on the day.Total market capitalization 24 hours. Coinmarketcap.comTotal market capitalization hit a new 2019 high of $224 billion yesterday. The move has been led by Bitcoin which surged 19 percent over the weekend. Since then the pullback has dropped over $10 billion out of crypto markets which have retreated back to $213 billion. Daily volume is still huge at over $80 billion and the correction has been expected.Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Back in the build up to the massive bull run at the end of 2017 Bitcoin and altcoin markets were inversely correlated. One would surge at the expense of the other as traders switched between the two assets. Now that we have so many stablecoins to choose from, that correlation should have diminished but today it is as strong as ever.Bitcoin Surges to New 2019 HighBitcoin has added a further three percent on the day to surge to a new 2019 and six month high of $6,290 during Asian trading this morning. BTC has not fallen back below $6,000 since it broke that barrier early yesterday and volume has increased to $18 billion as it pushes ever higher.I feel, in this moment, I am 2017. pic.twitter.com/GUqUlYXqGw— The Crypto Dog📈 (@TheCryptoDog) May 10, 2019Since the same time last Friday Bitcoin has made an epic 12 percent, outperforming nearly all of its underlings. As a result its market dominance is the highest it has been for 17 months at 58.3 percent. The last time BTC had such a large share of the crypto market was in mid-December 2017.Bitcoin’s monumental rise, around 66 percent since the beginning of the year, has come at the expense of the altcoins which are getting hammered today. Ethereum is still flat but its market share has dropped below 10 percent. XRP keeps dumping as the Ripple keeps increasing the supply, it is now below $0.30 and many of the major cryptocurrencies are in pain dumping between 3 and 8 percent on the day.BTC to $6,400 NextBitcoin trader going by the twitter handle ‘SalsaTekila’ predicts a further move to over $6,400 before any kind of pullback. This was the most traded price of 2018 so the possibility is a strong one as it is only $150 away from current prices.“$BTC 3D close is undeniably bullish, 6400$ is a key level. White dotted area is now support which bulls need to hold for trend to remain valid.”$BTC 3D close is undeniably bullish, 6400$ is a key level. White dotted area is now support which bulls need to hold for trend to remain valid.Still side-lined from margin positions for now, week-end fast approaching. pic.twitter.com/59ivCin7VW— SalsaTekila (JUL) (@SalsaTekila) May 10, 2019Weekends are usually sluggish for trading activity on crypto markets but if Bitcoin can hold above $6,000 then further gains are very likely. Observations from ‘Bleeding Crypto’ also call for more gains as orders stack up;“$BTC Looks like they are stacking up the fuel for BTC to run. Over $60 million dollars in sell orders/fuel for BTC to continue its run. We have seen this in the past post and 9 out of 10 times it climbs higher. Lets see if this time it acts as resistance or fuel.”$BTC Looks like the are stacking up the fuel for BTC to run. Over $60 million dollars in sell orders/fuel for BTC to continue its run. We have seen this in the past post and 9 out of 10 times it climbs higher. Lets see if this time it acts as resistance or fuel. Will update later pic.twitter.com/rrWACv4PxX— Bleeding Crypto (@Bleeding_Crypto) May 9, 2019There could be a number of things driving the surge fundamentally. Bitcoin bull Tom Lee has highlighted a few of them as markets elsewhere fall back on fears of Trump’s escalating trade war;In a period where:
—political tensions escalate between US and China,
—global equity markets fall sharply
—VIX largest spike in many months
—global yield curves flatten/invert#bitcoin has RISEN and >$6,000Crypto showing its value as an uncorrelated asset.— Thomas Lee (@fundstrat) May 9, 2019Crypto markets do look uncannily similar to Q3 2017 when Bitcoin surged at the expense of altcoins. If there is to be a repeat of the big spike later this year or next this could be the best time to load up on alternative crypto assets.Image from Shutterstock
Crypto markets make a new yearly high; Bitcoin surging to $6.3k, Litecoin lifted but the rest of the altcoins get eaten.Market WrapThe end of the week has seen crypto markets hit another new high for 2019. Bitcoin is pushing things higher as it eats away at the altcoins and itself posts new highs for the year. Total market capitalization just passed $190 billion for the first time since November 2018.A new yearly high of just below $6,300 was made by Bitcoin a couple of hours ago. It has not dropped below $6k since breaching the psychological barrier in early trading yesterday and has pushed on a further 3 percent today. The big move has taken BTC volume up to $18 billion and market cap over $110 billion. Its dominance is now at a 17 month high of 58 percent, a level not seen since the big surge at the end of 2017.The big move by BTC has pulled Ethereum up a little as it approaches $175. On the downside ETH market share has been eaten away to under ten percent as it remains sluggish.Total capitalization of altcoins.
One more perfect bounce from the trend line.
It is not even funny anymore. #bitcoin $btc #altcoins pic.twitter.com/xdKrTa7Fj1— CryptoHamster (@CryptoHamsterIO) May 10, 2019The top ten is mostly red at the moment with only Litecoin making any positive momentum as it reaches $77 with 2.5 percent added on the day. Binance Coin is getting dumped dropping 8 percent back to $19 and XRP and Stellar continue to get eroded losing another couple of percent today.There is greater pain in the top twenty as altcoins get assaulted by their big brother. Cosmos has been smashed 8 percent to fall below $4 and Tron and Maker have both lost over 4 percent over the past 24 hours. The rest are losing a couple of percent each as Bitcoin continues to consume them.FOMO: Arcblock Still PumpingYesterday’s fomo driven pump has rolled into another day as ABT surges a further 40 percent lifting its position to 76th. South Koreans are all over this one as Bithumb dominates the trade volume in KRW. Social media tipping based altcoin ReddCoin is also flying at the moment with a gain of 18 percent on the back of Facebook’s rumored foray into crypto. Aurora is back again with another pump today of 15 percent which will dump tomorrow.Speaking of dumps, WAX is in bad shape as it drops 9 percent as the top one hundred’s biggest loser. BNB and Cosmos are not far behind dumping 8 percent each.Total market capitalization 24 hours. Coinmarketcap.comTotal crypto market capitalization has reached a new high for the year at $192 billion. The $4 billion, or two percent, gain on the day is largely due to Bitcoin which is a steamroller at the moment. Total daily volume is at its highest level for the week at $54 billion as markets slowly grind towards $200 billion.Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.