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FOMO Is Real: Crypto Markets Surge $20 Billion in 24 Hours

Bitcoin has been on a tear in recent days and has surpassed $8,000 for the first time since July 2018. This has had made the entire crypto market surge by over $20 billion as fomo fever grips the scene once again.

A few hours ago during early trading in Asia, Bitcoin hit a ten month high of $8,045 according to Coinmarketcap.com. It is a second thousand dollar day for BTC which surged 14 percent from trading just above $7,000 the same time yesterday. At the time of writing BTC had pulled back below $8k to $7,920 which is still up significantly on yesterday. No such correction has come yet.

New 2019 highs have been made and broken several times over
the past week and the gain over the seven days has been an epic 33 percent.
Daily volume has surged back to $30 billion as Bitcoin steamrollers the rest of
the cryptocurrencies with dominance approaching 60 percent.

BTC price 7 days – coinmarketcap.com

The last time Bitcoin commanded so much of the market was
during the massive surge in December 2017 when it pumped $10k in a single
month. The chart patterns at the moment are reminiscent of that late 2017 period
when things went parabolic in crypto land.

The difference this time around is that Bitcoin is getting
the lion’s share of those gains and the altcoins are getting left in the
digital dust. BTC FOMO is real and analysts are now eying $8,200 as a top and a
possible correction to $6,400, last
year’s most traded price
. Gone are the days when they foretold of a big
dump below $3,000.

“Bitcoin is currently on a tear & the next target of serious interest is $8200+ … High interest remains near $6400 if BTC decides to cool off & pullback … My dream area to buy would be $5500 to $5700 but there’s no promise $BTC will hit that low again.”

The big move has resulted in a $20 billion cash injection to
total crypto market cap which is currently at its highest level since early
September 2018. Market hit an eight month high of $235 billion a couple of
hours ago as volume surged to record levels of $90 billion.

Over the past week crypto market cap has surged 24 percent
and since the beginning of 2019 iy has made a whopping 87 percent. Only a
handful of the altcoins are matching Bitcoin’s double digit performance at the
moment and they include XRP, Binance Coin, Monero, IOTA and Tezos.

The FOMO is real and the bulls are back in town.

The post FOMO Is Real: Crypto Markets Surge $20 Billion in 24 Hours appeared first on Ethereum World News.

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Altcoins Beat a Retreat Again as Bitcoin Dominance Reaches Two Month High

All of this talk of ‘altseason’ may be misconstrued as they have all started to pull back again. Bitcoin, however, has held on to its recent gains which is doing wonders for BTC market dominance.

Big Bounce Off Resistance

Crypto markets are correcting again and have dumped $5
billion since their high point over the weekend. The majority of those losses
are from altcoins as nearly all of them are in the red at the time of writing.

Over the past seven days market cap has ranged between $170
and $180 billion and it is currently falling back towards the middle of that
channel at around $176 billion. The altcoins cannot seem to hold their gains
and have fallen into a pump and dump cycle lasting a couple of days at a time.

A number of them have lost over five percent in the past 24
hours and they include EOS, Litecoin, Cardano, Tron, Ethereum Classic, and BAT.
A couple, such as PAI and Bytom have dumped double figures today as the altcoin
avalanche continues.

Several traders are sensing this shift and gradually moving back
into BTC as it is now viewed as a better
bet
. Fundstrat’s Tom Lee thinks otherwise stating that one pre-condition to
an alt-rally is a drop in correlation with Bitcoin. He went on to state that
this has already started which could be a precursor to altseason. Some agree
with the sentiment stating that most altcoins are at major support zones;

Others have pointed out that the altcoin dump is good news
for Bitcoin and markets are repeating action last seen in mid-2017 when the two
were inversely correlated.

Bitcoin Dominating

BTC is holding its own at the moment, after reaching a
weekly high of $5,355 a couple of days ago it has only lost a percent or so
pulling back to $5,290 at the time of writing. This has resulted in BTC
dominance climbing to 52.8 percent which is its highest level since early
February.

BTC dominance YTD – Coinmarketcap.com

Bitcoin volume is also up to $14 billion which is another
sign that it could push higher. BTC has made higher lows since its big rally
started at the beginning of April. The slow and steady up trend as met
resistance at $5,400 however and this could prove to be a critical point. The
long awaited ‘golden
cross
’ is rapidly approaching and may happen this week as the 50 day moving
average crosses the 200 day. This is generally a very bullish sign for an
asset.

Image from TradingView.com

The post Altcoins Beat a Retreat Again as Bitcoin Dominance Reaches Two Month High appeared first on Ethereum World News.

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Bitcoin Market Dominance at 45 Percent and Altcoin Prices Begin to Decline

Bitcoin is currently dominating the cryptocurrency market as the top-ranked cryptocurrency looks to achieve a 50 percent market share. While BTC remains in the green, the altcoin market is beginning to experience another decline. Ripple, Stellar, and IOTA are the biggest losers among the top ten cryptocurrencies in the market.

Bitcoin Dominance Back Above 40 Percent

According to Coinmarketcap, Bitcoin is now at 45 percent dominance of the cryptocurrency market. The last time BTC was at such a dominance level was in early April 2018. The top-ranked cryptocurrency has a market capitalization of $127.8 billion with more than $5 billion in BTC traded within the last 24 hours.

The price of BTC continues to hold steady above $7,400 with experts believing that Bitcoin could go on to reach $8,000 and $9,000 during this price rally. The consensus at the moment is that the surge is only a temporary squeeze and that another significant dip is imminent. Experts predict that Bitcoin will test a new 2018 low during the next price decline.

Altcoins Bleeding

While BTC holds steady, altcoins are bleeding, many of which are in danger of eroding the gains of the recent price increase. It is usually rare to witness such a significant decoupling of the market with Bitcoin and the altcoin market going in different trajectories.

Ripple, Stellar, and IOTA lead the losers pack among the top ten coins. Ripple and IOTA are down by 5 percent respectively while Stellar has declined by more than 6 percent. The XRP price dip is even more profound given the struggles of the token in 2018. XRP is yet to sustain any growth momentum in 2018 and has failed to hold on to the $0.50 support level gained after the July 18, 2018 rally.

Other major coins like NEO, BNB, and ICX have also experienced a massive downward slide over the past 24 hours. NEO is down by almost seven percent, BNB by 5 percent, and ICX by a whopping 11 percent.

The current downward slide is probably due to a technical correction in the wake of the July 18 price surge. The emergence of strong volume in the market points towards a more sustained price rally which should hold on for more than just a couple of days.

Do you think the altcoin price dip is a sign that the recent rally might be over? Keep the conversation going in the comment section below.

Image courtesy of Coinmarketcap.

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