Market Cautiously Optimistic, Bitcoin Breaks Back Into $4k

Saturday entered with a bang for the crypto market as the bulls managed to get the upper hand after several weeks of trading in a range. Except for a few late bloomers, the crypto-board was green throughout the Asian trading session and the market is cautiously optimistic as analysts celebrate the Bitcoin’s return to $4k.

 

The market capitalization increased by $6 Billion, climbing from $135 Billion to $141 Billion at the time of this writing. The trading volume continued to grow and is now at $34.5 Billion from yesterday’s $33.6 Billion. The Bitcoin dominance continues to bow to the altcoin resurgence and is now at 50.6%.

 

From $3945 yesterday, the Bitcoin has breached the $4k resistance. It is now trading at $4065 as it gained 3.22% on the day. It was very volatile since yesterday which made traders ebullient on the Twittersphere. Since over 4 weeks ago, Bitcoin was locked on the $3900 level and only managed to get over $4k today. The last time it was on the 4k level was on February 25 when it nosedived from $4200 to $3800. Despite the weekend trading, the volume is steady and remains above $10 Billion. The current resistance is now at $4050. On the opposite side, the new support is now at the $3850 level. It is now a make it or break it level and we will see if it can continue to push through the new resistance and not get defeated again like the last time.

 

 

Ethereum is getting more bullish by the minute and has overtaken Bitcoin again as it gained 5.97% on the day. This seems to be its usual reaction whenever Bitcoin shows signs of moving uptrend. It is now at $143.26, successfully passing its initial resistance at $135 and $139. Its next resistance level is now at $146. It could continue to trade higher in the near term and analysts are becoming more positive that this asset may well be on the way to a consistent recovery. XRP, its nearest competitor is still a little slow with only 2.49% gain. Its gap with Ethereum widens once more and is not at a $1.7 Billion difference.

 

 

The rest of the Top 10 is green. Even Tether, which usually switches to red when Bitcoin goes in an uptrend is still green. Bitcoin Cash leads the offensive with a phenomenal 14.38% gain on the day. It is now exchanging hands at $157.14 and its volume has reached $653.3k. Litecoin continues to shine today with a 6.81% gain. EOS and Tron are both making good gains today at 4+%. The rest are at 3+% gain except Tether at 0.51%.

 

The Top 25 crypto is also decidedly green today and the majority are making 2-3%. The best performer is Ontology which has reached $1.08 today after gaining 7.54% on the day. Maker is the next best bet with a 6.03% addition to its price since yesterday. Bitcoin SV and Monero are both at 4+% gains. On the other end, Crypto.com Chain is pulling back after a breathtaking run to the Top 25 with a -7.13% loss on the day.

 

Down the Top 100, most are green with only a few coins not able to catch the trend. Holo is leading the best gainers with 18.22%. An obscure coin called Thorecoin is a new addition to our pump list at 12.35% gain on the day. REPO rounds off our double-digit gainers at 11.55% gain. There are only a few coins losing out today. Wanchain is the biggest loser at -9.57% loss followed by Project Pai at -7.04% loss.

 

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