CoinDesk analysis
Sebastian Sinclair wrote an analysis of bitcoin’s (BTC) price movements yesterday on CoinDesk, last updated at 9:45 UTC Sunday. Sinclair notes that on Sunday , BTC went above $7,500 the first time it did so in more than nine months. The move was also followed by the cryptomarket at large.
Bitcoin is the world’s largest cryptocoin by market value and accounts for more than half of all the market. The jump in price to $7,577 at 13:36 UTC yesterday was the highest price since back on August 2, 2018 according to CoinDesk data. However, there was a pull.back as when the Sinclair article went to press it was at $7,100 but still over the $7,000 level. The market may consider BTC has been overbought.
The move comes after the last bits of bearish sentiment appears to have evaporated. The trend now appears to be towards a long-term bull market. Another positive sign is that the rise was accompanied by a record high in trading volumes to $29.33 billion according to data from CoinMarketCap. However, actual volume may be considerably less.
BTC’s dominance rate, a measure of BTC market share versus all other cryptocurrencies has risen to a 17-month high of 59 percent. This indicates that the broader market has lagged behind bitcoin and that investors are staying in bitcoin rather than trading it for altcoins. However, bitcoin’s dominance rate could drop in the coming days, SInclair notes as when his article went to press some altcoins were posting large gains.
The total market capitalization of cryptocurrencies has risen to $219 billion a six-month high. The capitalization of altcoins has seen a flag breakout pattern, a bullish pattern. There could be better days ahead for altcoins.
Present situation
24 hours ago bitcoin opened trading at $7,038 just over $7,000. Since then it has had a low of $6,758 but a high of $7,519. At 9:45 Central Daylight time it was still at $7,510 not far off its high so far. All of the top twenty altcoins are trending up some significantly but only DASH was up over double digits at more than 11 percent. Bitcoin was up $472 from its open 24 hours ago. The present price of bitcoin and the top twenty altcoins can be found here.
