Apr 17, 2019 08:00 UTC
Apr 17, 2019 at 08:00 UTC
Crypto Market Bounces Back By Adding $5 Billion to The Total Market Cap
The cryptocurrency market has risen again and bounced back to add another $5 billion to its market cap. After an unprecedented rise that begun on April 2nd and continued for 3 days without any major resistance finally saw a dip yesterday. However, the dip did not last for long as many have predicted earlier that the price rally would be followed by a market rebound which might see cryptocurrencies lose their gains acquired during the recent price rally.
The dip was presumed to be caused by the boycott and later delisting of BSV token from Binance, Kraken and Shapeshift. However, the crypto enthusiasts must have breathed a sigh of relief after looking at the market come back today.
The recent bounce back has pushed the next resistance level of Bitcoin to $5,600. The recent bounce back has got the cryptoanalysts optimistic and they believe the market pullback has been delayed and any retreat will happen after Bitcoin reaches $5,600.
Other analysts suggest that Bitcoin need to break past $5,400 to make any further gains. and see the $5,600 as the key resistance level. Once Bitcoin gets past that the next resistance could be at $6,000. On the other hand, Trader and analyst Luke Martin has eyed $4,600 to $4,800 as the better entry point than the current price.
Bitcoin Trading at 5-Day High
At the time of writing, Bitcoin was trading at a 5-day high of $5,250 up by 3.3% on the 24-hour chart. The Bitcoin trading volume is stable at $11 billion for the past 24 hours and the gains made by Bitcoin has also helped many other altcoins to piggy ride the Bitcoin gains.
After facing the longest crypto winter throughout 2018, the market finally saw an unprecedented price rally taking prices of the majority of the cryptocurrencies above their key resistance level starting from April 2nd. Bitcoin has gained over 28% in the recent price rally and has remained above $5k for the majority of the April month. BTC dominance has also climbed to 52.3 percent as it drives market momentum today.
The total market cap has touched $177 billion after the recent inflow of $5 billion today, up by 3 percent. Daily volume for the all of crypto space strands at $40 billion which tends to be a bullish sign for further gains.