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Crypto Markets Hit New 2019 Top as Bitcoin Cranks Higher to $6.3k

Crypto markets make a new yearly high; Bitcoin surging to $6.3k, Litecoin lifted but the rest of the altcoins get eaten.

Market Wrap

The end of the week has seen crypto markets hit another new high for 2019. Bitcoin is pushing things higher as it eats away at the altcoins and itself posts new highs for the year. Total market capitalization just passed $190 billion for the first time since November 2018.

A new yearly high of just below $6,300 was made by Bitcoin a couple of hours ago. It has not dropped below $6k since breaching the psychological barrier in early trading yesterday and has pushed on a further 3 percent today. The big move has taken BTC volume up to $18 billion and market cap over $110 billion. Its dominance is now at a 17 month high of 58 percent, a level not seen since the big surge at the end of 2017.

The big move by BTC has pulled Ethereum up a little as it approaches $175. On the downside ETH market share has been eaten away to under ten percent as it remains sluggish.

The top ten is mostly red at the moment with only Litecoin making any positive momentum as it reaches $77 with 2.5 percent added on the day. Binance Coin is getting dumped dropping 8 percent back to $19 and XRP and Stellar continue to get eroded losing another couple of percent today.

There is greater pain in the top twenty as altcoins get assaulted by their big brother. Cosmos has been smashed 8 percent to fall below $4 and Tron and Maker have both lost over 4 percent over the past 24 hours. The rest are losing a couple of percent each as Bitcoin continues to consume them.

FOMO: Arcblock Still Pumping

Yesterday’s fomo driven pump has rolled into another day as ABT surges a further 40 percent lifting its position to 76th. South Koreans are all over this one as Bithumb dominates the trade volume in KRW. Social media tipping based altcoin ReddCoin is also flying at the moment with a gain of 18 percent on the back of Facebook’s rumored foray into crypto. Aurora is back again with another pump today of 15 percent which will dump tomorrow.

Speaking of dumps, WAX is in bad shape as it drops 9 percent as the top one hundred’s biggest loser. BNB and Cosmos are not far behind dumping 8 percent each.

Total market capitalization 24 hours. Coinmarketcap.com

Total crypto market capitalization has reached a new high for the year at $192 billion. The $4 billion, or two percent, gain on the day is largely due to Bitcoin which is a steamroller at the moment. Total daily volume is at its highest level for the week at $54 billion as markets slowly grind towards $200 billion.

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.

2017 Redux: Bitcoin Marches Relentlessly Higher Eating Altcoins, $6,400 Next?

Back in the build up to the massive bull run at the end of 2017 Bitcoin and altcoin markets were inversely correlated. One would surge at the expense of the other as traders switched between the two assets. Now that we have so many stablecoins to choose from, that correlation should have diminished but today it is as strong as ever.

Bitcoin Surges to New 2019 High

Bitcoin has added a further three percent on the day to surge to a new 2019 and six month high of $6,290 during Asian trading this morning. BTC has not fallen back below $6,000 since it broke that barrier early yesterday and volume has increased to $18 billion as it pushes ever higher.

Since the same time last Friday Bitcoin has made an epic 12 percent, outperforming nearly all of its underlings. As a result its market dominance is the highest it has been for 17 months at 58.3 percent. The last time BTC had such a large share of the crypto market was in mid-December 2017.

Bitcoin’s monumental rise, around 66 percent since the beginning of the year, has come at the expense of the altcoins which are getting hammered today. Ethereum is still flat but its market share has dropped below 10 percent. XRP keeps dumping as the Ripple keeps increasing the supply, it is now below $0.30 and many of the major cryptocurrencies are in pain dumping between 3 and 8 percent on the day.

BTC to $6,400 Next

Bitcoin trader going by the twitter handle ‘SalsaTekila’ predicts a further move to over $6,400 before any kind of pullback. This was the most traded price of 2018 so the possibility is a strong one as it is only $150 away from current prices.

“$BTC 3D close is undeniably bullish, 6400$ is a key level. White dotted area is now support which bulls need to hold for trend to remain valid.”

Weekends are usually sluggish for trading activity on crypto markets but if Bitcoin can hold above $6,000 then further gains are very likely. Observations from ‘Bleeding Crypto’ also call for more gains as orders stack up;

“$BTC Looks like they are stacking up the fuel for BTC to run. Over $60 million dollars in sell orders/fuel for BTC to continue its run. We have seen this in the past post and 9 out of 10 times it climbs higher. Lets see if this time it acts as resistance or fuel.”

There could be a number of things driving the surge fundamentally. Bitcoin bull Tom Lee has highlighted a few of them as markets elsewhere fall back on fears of Trump’s escalating trade war;

Crypto markets do look uncannily similar to Q3 2017 when Bitcoin surged at the expense of altcoins. If there is to be a repeat of the big spike later this year or next this could be the best time to load up on alternative crypto assets.

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