The bulls have spoken, and Bitcoin has yielded. The Price of Bitcoin broke past the $4200 resistance at around 5: 00 hours UTC on April 2, 2019. The price of Bitcoin is trading at $4725; it is trading 14.5% higher on the daily scale.
The dominance of Bitcoin over the cryptocurrency market also increased from 50.1% on 1st April to 51.6%. The total market capitalization increased by 12% surging the cryptocurrency markets with $17.65 billion. The total market capitalization of the crypto-markets crossed the $150 billion; at 5: 30 Hours UTC the total market capitalization of the cryptocurrency market is $163.7 billion.
A bullish Marubuzo single bullish Marubuzo was observed on the 4-hour chart with a rise of $600 per BTC. The surge comes at the end of a double bottom in over two months Bitcoin (BTC). The break above the $4400 confirms the bulls. However, the RSI Index was around 90 at the time of the rise on the daily scale. Hence a short term correction in price to $4450 can be observed. Nevertheless, on the upside a break above $5200 is also possible.
Altcoins in Green As Well
The altcoins which were awaiting a long signal from Bitcoin from a long time also traded higher w.r.t. US dollars. The highest gainers amongst top cryptocurrencies were Tron (11.21%), EOS(8%), Litecoin (8.04%), IOTA (9.75%), and Monero (8.78%).
However, as the price of Bitcoin shot up by more than 10% in an instant, the altcoin prices dropped w.r.t to BTC. This might hurt the sentiments of altcoin HODLer’s and traders temporarily. However, there were gains observed in all altcoins w.r.t. FIAT currency. Moreover, the rise in Bitcoin (BTC) will reaffirm the growth metrics of the cryptocurrency and blockchain industry as a whole.
Hence, the markets have favored the Bitcoin Maximalists with handsome rewards. Nevertheless, several altcoins have already gained bullish momentum in recent times. Therefore, Bitcoin’s rise might be a strong positive cue for the altcoins as well.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com