The cryptocurrency market cap has risen from $263 billion to $276 billion inside of six hours with Bitcoin watching a 1.97 percent increase in the past 24 hours with a price?rise of more than $350 this morning in line with Coinmarketcap.com. The current market cap hasn’t seen this price range since June 22, 2019 , signifying a generally consolidation.
Meanwhile, Ethereum is up 1.84 percent, XRP expires 1.22 percent, Bitcoin Cash has witnessed a 3.09 percent increase and EOS is up 3.89 percent using the only coin seeing losses inside the top ten being Cardano that’s down 0.7 percent.
The biggest gains during the top 100 were seen by Ethos at a cost spike in excess of 80 percent, considering the next highest?being Electroneum at 20 % and Kyber Network at 19.8 percent.
The biggest losses one of several top 100 currencies were WAX, down 12.9 %, and Veritaseum, down 8.53 percent.
The market trend is due to keeping with Fundstrat analyst Robert Sluymer’s prediction that Bitcoin would visit a price consolidation, mentioning that the $6,300 mark for Bitcoin can be an important selection of resistance on your market overall.
Sluymer stated that Bitcoin had bottomed out near $7,000 and also that if the $6,300 line held the market would carry on and build the momentum you’ll need for a significant price breakout with $7,800 to be the next price hurdle for Bitcoin along with the market in whole.
“The next thing that is going to happen should be to see bitcoin actually rally throughout the downtrend,” he was quoted saying. “We use the 15-day moving average. It is rather simplistic, yet it’s a pretty good proxy across most markets. $7,800 may be the next hurdle regarding it to get through.”
The current uptrend is probably not correlated with current news events inside crypto space, as despiteBinance?freezing trading temporarily and India confirming a banking ban on cryptocurrencies the consolidation continues, suggesting that this trend is just a natural progression following relatively severe pullback used in recent days.
However, there seems to be also more bullish news within the space today with strict Japanese FSA considering?laxer regulations that will allow classification of cryptocurrencies to be a financial supplement that may allow crypto in order to gain more mainstream market exposure, combined with the Maltese government passing three?cryptocurrency bills?to remain establishing the nation as a cryptocurrency and blockchain hub.
The next few days in the market will prove telling: if the upward momentum increases we would finally consult a more sustainable price increase than that seen in December of 2009 when Bitcoin skyrocketed briefly to $20,000 before plunging down to earth. An gradual and sustainable price increase may allow Bitcoin growing strong lines of support that will enable the market to build along with the new mainstream recognition and institutional investment now observed in the space.
In summary the markets move really quick looking for historical maximums in price, the cripto ecosystem reacts strangely, professionals give their interpretations, actually blockchain-bitcoin, is here to remain. It waits for brand new ads.