bullish chart

Bears Banished as Crypto Markets Hit Five Month High

Avatar Martin Young 5 months ago
Crypto markets surge to new highs; Bitcoin on top, Bitcoin Cash and Litecoin lifted, Cosmos still cranking.

Market Wrap

It has been a great start to the weekend for cryptocurrencies as markets hit fresh 2019 highs. Bitcoin is once again the dominating factor as it grinds ever higher in a push towards $6,000. Over $8 billion has been added to crypto assets over the past 24 hours pushing market capitalization to a new five month high.

Bitcoin posted a fresh yearly high of $5,884 a few hours ago before moving back to the $5,800 area. The push has resulted in a 4 percent daily gain for BTC with volume approaching $20 billion. Resistance at $5,600 was overcome with ease this time and the next target is $6,000. Bitcoin has now moved above the 50 week moving average, at least on the Tradingview charts.

Ethereum is still weak and has only managed a marginal gain to push past $165. There still has yet to be any solid movement in ETH which has crawled up on the tails of its big brother.

The top ten is solid green during Asian trading this morning. Bitcoin Cash is having a surge with 8 percent added on the day taking BCH to $295. Litecoin is also having a good run at the moment as it approaches $80 once again with a gain of almost 5 percent. The rest have made a couple of percent extra but Binance Coin and Cardano are flat.

The top twenty is also mostly green and Cosmos is still cranking up with another 9 percent added today taking it to $5.24. Monero and Dash have got 4 percent each and the rest a little less. Tezos as dropped back a little and Tron and NEO are flat.

FOMO: ABBC Coin Back At The Top

Today’s top one hundred fomo recipient is ABBC Coin with a pump of 14 percent. There does not appear to be any new developments driving momentum which is likely to turn in the opposite direction tomorrow. Aion is also getting a spike of 12 percent at the moment and DigixDAO is back to $32 with 11 percent added on the day.

There are no big drops at the moment but the worst performing three altcoins losing over 4 percent are Zilliqa, Maximine Coin and Ravencoin.

Total market cap 24 hours. Coinmarketcap.com

Total market capitalization surged to a new 2019 high of $188 billion a few hours ago. The $8 billion pump from yesterday has pushed markets to a five month high as daily volume surges to $60 billion. Crypto markets have not been at this level since November 2018 when things were heading in the opposite direction. A third of that volume is Bitcoin alone which has also hit a 2019 market dominance high of 55.5%.

Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

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