Bitcoin has challenged and surpassed the $4 000 level it has been haggling with recently, escalating the currency up 3% against the U.S. dollar. On the tail of Bitcoin’s bull run other cryptocurrencies such as Ethereum, Litecoin, and Bitcoin Cash recorded gains in the range of 6 to 18%. Using the momentum of Bitcoin as its strength, the valuation of the crypto market saw a peak of $10 billion in the past week.
Bitcoin price opened the year at $3963 and has managed to maintain trade at a higher rate and not slipped below the opening level according to cryptocurrency technical analyst Mayne.
“I’ve said this for a while, as long as we are above the yearly open on BTC ($3,693) and ETH ($130.90), there is no reason to be overly bearish. Bitcoin price is following the squiggly, if we break through here I expect a move to $4,100,” the analyst said.
As such, if Bitcoin price is able to maintain its momentum above key resistance levels including $4,000, there exists a possibility that the dominant cryptocurrency can continue to engage in an upside movement.
According to DonAlt, a well-known crypto trader, the fact that Bitcoin price has had relatively little movement in relation to the big strides Altcoins are experiencing, suggests that the inflow of capital into the cryptocurrency market is low. To change this and for the upside movement of the cryptocurrency market to be sustained, Bitcoin will also have to move in a positive direction. It is imperative, according to DonAlt that Bitcoin climb up to $4,600, preferably to $6,000, to avoid retesting its lows.
The trader said, “Volume isn’t what will convince me that the bear market is over, a bullish market structure along with a break of at least $4.6k (favourably $6k) will. It’s interesting that we’ve had so many Altcoin pumps while the general market cap hasn’t really changed. That makes me think there is very little new money coming in.”
While Bitcoin and Ethereum as still seen as the crypto giants, Litecoin has been bubbling under and showing great growth, making itself one of the best performing crypto assets year-to-date. Since January, the currency has peaked to $61.90 from $31. This is a growth of around 100% against the U.S. dollar. The sharp growth of Litecoin is being credited to its growing developer activity, especially in the area of privacy solutions such as Confidential Transactions and Mimblewimble.
Recently the volume of all the major cryptocurrencies has increased substantially, showing an accelerated and more robust increase in trading activity. Bitcoin price saw a volume spike to over $10 billion. If the Over The Counter market is added it could even be as high as $15 billion.
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