Bitcoin Price Crosses $5600 Line Pushing Cryptocurrencies’ Market Cap To $184 Billion
Bitcoin price hit the $5600 zone after rallying all day on Tuesday. At 18:30 GMT+4, it bounced 5.16% to record an all-time high price of $5607.17 for 2019.
At press time at 19:00 GMT+4, the Crypto pioneer’s market capitalisation was over $99 billion indicating an accumulation of over $5 billion in less than 24 hours. The trading volume was well over $16 billion with a market dominance of 53.5%.
The move has as well swollen the market cap of all the Cryptocurrencies from Monday’s $177 billion to $185 billion. Earlier in the day, the development dragged most top coins into the green, but they couldn’t sustain the momentum.
Cardano, for instance, was up almost 10% before Midday while Bitcoin Cash surged over 5%. However, they shed the gains before Bitcoin crossed the $5600 line with two coins getting into the red lane.
Top 10 Updates at 19:00 GMT+4 On Tuesday
Bitcoin Cash rose 3.58% to sell at $302.19. Cardano’s selling price was $0.077543 and a growth rate of 2.52%
Moreover, Litecoin and Ethereum made 2.28 and 2.22 percentage points respectively. The former’s market price was $78.54, and the latter nailed it $175.05.
EOS trading price was $5.33 accompanied by an upsurge of 1.56%. XRP and Tether completed the winning list with less than one per cent gains.
Strikingly, Binance who was the biggest gainer last week bagging over 21% was on its knees with a 2.39% decay. Stellar also sunk but not that significant – 0.16%.
Bitcoin Heading To $6000?
Last two weeks, Bitcoin price crossed the $5400 lane; however, it couldn’t maintain the impulse and retreated to the $5000 to $5100 region. With it conquering the resistance around $5400 and $5500 and climbing to the current price, are we going to see $6000 soon?
That would have been a piece of refreshing news for the community that has live with one of the most pernicious depressions in the space for more than one year. But, if you have been here for long, then you know very well that anything is possible in Cryptoland.
Kiana Danial, CEO of Invest Diva last week predicted on Anthony Pompliano’s Podcast, Off the Chain that price will drop down to $1800 before the next bull run. Her reasons were based on technical factors.
Yet, in a Tweet, Anthem Hayek Blanchard, CEO at Anthem Gold begged to differ. He wrote:
“Thanks for sharing your viewpoint. Seems like with global interest rates at 5,000-year lows/credit risk at 5,000 high, 3 Mo-10 Yr UST crossing last month & ~US$100M new fiat Apr 1 -> US$20B new crypto market cap, #BTC seems pretty inexpensive relative to securities. Lots of vol tho.”
In the same vein, Yagub Rahimov of 7Marketz similarly disagreed with Danial. He stated that he has stopped answering to those claiming that crypto follows full technical and will cover that the tech analysis in his upcoming book.
“Bitcoin price move is mostly based on sentiment,” Rahimov insisted. “Based on the technical analysis, we can expect another round of correction; however, the upside bias is stronger. #my2cents.”
Well, as usual, only time will tell. QBITtimes will keep updating you about the market trends, continue reading.Bitcoin Price Hits $5600 Pushing Cryptocurrencies’ Market Cap To $184 Billion