Cryptocurrency market has added about $30 billion in two days. The total market capitalization of the cryptocurrency markets crossed the $175 billion mark for the first time since November 2019.
The rise on altcoins early this morning brought the dominance of Bitcoin back to 50.8%. The increase in both Bitcoin and the altcoins was about $15 billion. While no fundamentals were backing the news driving Bitcoin or the altcoins, the traders have been optimistic about cryptocurrencies even during the bear markets. The percentage of ‘hodlers’ has also increased considerably.
The price of Bitcoin continues to rise above the spike initiated yesterday. The price of Bitcoin at 4: 00 hours UTC on 3rd April 2019 is trading at $5032 on Bitfinex. For BTC, $5100 is acting as the new resistance as it tries to break towards $6000. Bitcoin also closed above the 200-Day Moving Average on the daily scale, turning bullish on the 1-Day chart.
The altcoin markets which were awaiting a go-signal from Bitcoin (BTC) have shown a significant increase in the past 24 hours.
Bitcoin Cash Breaks Several Resistances
However, the rise in Bitcoin Cash (BCH) was most stupendous as it gained by more than $100 in a day. The price of Bitcoin Cash (BCH) at 4: 00 hours UTC on April 3, 2019, is $246. The 24-hour high on BCH is $291.9. The spike in price began from $169.
A crossover of the 50-Day Moving average with the 100-Day Moving average was observed on the daily BCH/USD chart; coincidentally it was timed perfectly with the Bitcoin bull run.
The price is trading above the moving averages. However, the RSI (Relative Strength Index) is pushing above 86. Nevertheless, the RSI on the weekly chart in 45, neither in the over-bought nor in the over-sold region.
The All-Time High of Bitcoin Cash (BCH) in December 2017 is $4091. Hence, there are many more resistance lines to be breached before the glory of the bull run can be seen. The next significant resistance for BCH is around $410.
Nivesh from Engineering Background is a full-time Crypto Journalist 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