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Home Cryptocurrency news

Bears Banished as Crypto Markets Hit Five Month High

Martin Young by Martin Young
2 years ago
in Cryptocurrency news, Market Wrap
Reading Time: 2min read
bullish chart
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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.

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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.

Tags: BCHbitcoin dominanceCosmosLitecoinmarket wrap
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Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

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