Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.
Following Bitcoin, which hit its 2019 all-time-high, all cryptos are seeing growth in their prices. Some have increased slightly, others are enjoying a hike.
Bitcoin (BTC), crypto number one, has proved its leading position again reaching a new high and marking a record of 2019. Its market capitalization has hit $100 billion and currently makes up $102,8 billion, according to CoinMarketCap.
Bitcoin market capitalization has exceeded $100B USD first time since November 2018 https://t.co/zPHY1mpkUd
— Coinspeaker (@coinspeaker) May 3, 2019
In the last 24 hours, the Bitcoin price has seen a 6.74 percent growth. At the moment of writing, the currency trades at $ 5,822, which means it has broken up to record a new 2019 high.
At the end of March, Bitcoin traded at a dominance above the alt-coin market of 50%. Now, this figure has exceeded 55%. The incredible market cap value of $100 billion on CoinMarketCap is the result of the coin’s price difference on BitFinex, where Bitcoin is now trading at more than $6,000, with the premium to the traded price at other major exchanges close to $300 or $6%.
Because of these differences in price, it is difficult to determine where is the lowest resistance line. After a series of different lows and highs on some exchanges, it seems that the major hurdle of testing resistance lies between $5,800 and $6,200. Yesterday, the crucial resistance level reached $5,350.
Let’s see what is happening on another exchange, BitMEX.
— Nawaz Sulemanji (@coinrivetnawaz) May 3, 2019
Over the last six hours, there has been a bullish mood, with a number of short positions liquidated quickly. On BitMEX, the last big move by the bulls took the bears for more than $500 million in liquidation.
Bulls Dominating The Crypto Market
As a result of bulls being in control of the prices, the general situation on the crypto market is positive and over the last several hours the market has been on the upgrade. Following Bitcoin, all cryptos are seeing growth in their prices. Some have increased slightly, others are enjoying a hike.
Ethereum (ETH), the second crypto by market cap, has increased by 5.9 percent and is currently trading at $168.30. Ripple‘s native XRP has seen a 5.91 percent growth and makes up $ 0.309 at the moment. The same increase has taken place with Bitcoin Cash (BCH), created as a result of Bitcoin fork in 2017 and aimed at solving the scalability problem. Bitcoin Cash is currently trading at $ 292.69, and its market cap volume has exceeded a $5 billion mark.
Among the cryptos that have seen a small growth are the US-dollar backed Tether (USDT) and an open-source protocol for value exchange Stellar (XLM). Both the cryptos increased by 0.28 percent. Tether makes up $1.01 and Stellar trades at $ 0.10.
Meanwhile, some claim that his hike in Bitcoin price can be compared to that of far October 2015, when Bitcoin started it’s largest bull run in history:
Observing structure similarities between the monthly candles of October 2015 and April 2019.
October 2015 marked the start of most significant bull run in BTC history after a 6500% price surge in 2 years.
Another similar bull run puts BTC at over $330K/coin, by the end of 2021. pic.twitter.com/KTCRLd8jRH
— Galaxy (@galaxyBTC) May 1, 2019
Well, $330k for Bitcoin seems to be quite unreal now, however, there seems to be kind of logic there:
Each time Bitcoin has crashed 70%+ the following cycle peak has been 5.1-16.89 times higher than the previous.
If that happens again then the next all time high will be roughly $102,000 – $336,000.
Roll the dice & take the risk – Buy Bitcoin.
— $carface (@TraderScarface) March 2, 2019
The news about the record high is obviously great for crypto fans and may be unexpected for those who are sceptic about digital coins. Given the fact that more and more companies, as well as institutions, draw their attention to this kind of investment and switch their activities to blockchain-related services, the technology has proved that it has a huge potential and chances to change the world of finance.