The cryptocurrency market is showing an overall upward trend on April 26. Six of the top 10 cryptocurrencies by market cap surged, and four are lighting red indicating a fall. Bitcoin (BTC) aims to touch the $8,000 mark.
Stablecoins climb up in market cap value, while cryptocurrencies still fail to recover from the post-pandemic knockout. This wasn’t left unnoticed by the world governments, and notably, G20, who already sought ways how to cope with a growing demand for stablecoins.
The world’s number one cryptocurrency, Bitcoin, has resumed its upward trajectory and is expected to trade above $8,000 soon. Bitcoin has now hit and exceeded the $7,000 resistance level. This momentum is one of the signals of a massive rally and a possible bull run.
In March 2020 Bitcoin price volatility surged to a record high, due to massive sell-offs and panic on the market. However, recent researches of the cryptocurrency show that long term Bitcoin holders, aka Hodlers, are not in a hurry to sell their tokens.
The entire cryptocurrency market started February 18, 2020 with a good trading impression. The uptrend of some stocks, which have been strong at the start of the market, is gradually slowing down. All of the top 10 have risen, and 83 of the top 100 have a green light, indicating a rise. The entire market cap is increasing and it is now standing at around $285.2 billion.
The world’s oldest blockchain-based cryptocurrency, Bitcoin, is in the process of compacting at $1,300 ahead of the US holiday weekend. BTC broke through $1,500 this week, but did not stay long enough to retreat. But the week ends with a safe defense of $10,000 psychologically and technically significant.
As the digital currency and Bitcoin markets continue with the hustle of finding support, the global cryptocurrency market cap has lost around $99 billion from June 26, 2019 (when it was standing at over $355.5 bln) to today. So what is causing all this to occur now?
This week has been a bullish trading period for most of the popular cryptocurrencies across the world including all the ten leading altcoins by market cap such as Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). The spread of the deadly coronavirus (CoV) in some parts of the world may be a cause of this Bitcoin breakout.
The market recovery for the cryptocurrency sector greatly increases global capitalization and price of several binary coins. To motivate the bullish uptrend some good news and the usual cascading effect.