By
Steve Muchoki
April 19th, 2024
Bitcoin seems to be cementing its position above $5000 levels while preparing for the next big bull run.
It’s a good start to the second week of April 2019 as the cryptocurrency market looks optimistic. The overall cryptocurrency market cap is flirting around $180 billion while momentarily touch $185 billion. On a weekly chart by CoinMarketCap, the market added $40 billion to the overall market cap.
However, of this, $15 billion were added on a single day last week on April 2 with Bitcoin price jumping nearly 20%. The market continued moving ahead later that week with Bitcoin crossing its major resistance of $5000. In the last 24 hours, the top two cryptocurrencies have set the momentum going high.
BTC and ETH Take the Lead
Bitcoin (BTC) and Ethereum (ETH) are showing major price gains today taking the optimism further. At the press time, Bitcoin (BTC) is trading 1.5% up at the price of $5228. Also, the Bitcoin (BTC) market cap has crossed $92 billion, the highest in the last three months.
Bitcoin seems to be cementing its position strongly above the $5000 levels while setting up the base for the next rally. According to Fundstrat Global Advisors co-founder Thomas Lee, Bitcoin has already crossed its 200-day moving average indicating its next bull run.
Also, crypto exchanges and Bitcoin futures platforms are witnessing a massive surge in BTC trading volumes. U.S.-based derivatives marketplace CME Group witnessed a record trading volume on April 4, soon after the Bitcoin rally. The derivatives exchange tweeted:
“CME Bitcoin futures had a record trading day on April 4, hitting an all-time high volume of over 22.5K contracts (112.7K equivalent bitcoin), surpassing the previous record of over 18.3K (64.3K equivalent bitcoin) on February 19.”
Last month, there was a massive surge in the trading activity on Crypto Facilities, after Kraken acquired the cryptocurrency exchange.
On the other hand, Ethereum (ETH) is showing a nearly 7% surge in its price today climbing above $180. Ethereum, the second-largest cryptocurrency by market cap now has a $19 billion market cap.
Major Consolidation In the Altcoin Market
Apart from Ethereum, almost all of the top twenty altcoins are consolidating after last week’s surge. In the last week’s market rally, besides Bitcoin, almost all of the top-twenty altcoins witnessed massive upswings.
The two major altcoins driving ahead the market momentum were Litecoin (LTC) and Bitcoin Cash (BCH). In the last one week, Litecoin (LTC) along has gained 50% even after today’s 5% correction. Litecoin surged from $60 to now at $90 and is currently the fifth-largest cryptocurrency with a market cap of $5.4 billion.
The first Bitcoin derivative – Bitcoin Cash (BCH) has surprised its competitors by making massive upswings last week. Bitcoin Cash (BCH) has gained more than 50% adding over $100 to its price in a single week. Also, the cryptocurrency has climbed its way above Litecoin at the fourth position in the top five spots.
At the press time, Bitcoin Cash (BCH) is trading at a price of $308 with a market cap of $5.4 billion.