The price of Bitcoin at 8: 00 hours on 30th March 2019 is trading at $4211. It is trading 4.07% higher on the daily scale. The total market capitalization of the cryptocurrency markets was $147.61 billion.
While the 30-day volatility on Bitcoin was less than 1.5%, a big seems inevitable now. $4000 has acted as a prominent psychological level for Bitcoin for a long time now. However, the daily BTC/USD chart of the volume of the trading on Bitcoin was comparable to other days. Resistance along the $4200-$4300 area is observed, and high degrees of instability in price can be expected in the next few days. The target for the move from $4000 on the upside is $4450 while the stop loss for the same in $3850.
Major Altcoins Await Action From BTC
The BTC trading pairs of top cryptocurrencies have shown subsidized trading action. This was evident in Ethereum, Litecoin, XRP, ZEC, Dash, EOS, IOTA as they traded within 1.5% range w.r.t Bitcoin.
This can be attributed to the apprehensions of massive break-out in Bitcoin Prices. It is highly likely that if Bitcoin starts to pick up the altcoins would gain even more as trading volume will increase on Cryptocurrency Exchanges. However, in the event of a break-down from the price, altcoins might start to lose in double-digit percentages.
Litecoin (LTC) was also awaiting action from Bitcoin as it gained 3.8% on a daily scale. The price of LTC at 8: 00 hours UTC is $62.9. The cost of the Ether (ETH) token is trading 3.85% higher on a daily scale at $143.85.
The total market capitalization of the cryptocurrency markets rose by 2.78% as the market added about $4 billion.
The top 50 cryptocurrencies according to market capitalization with significant gains included NEO, Ontology (ONT), Tezos (XTZ), OmiseGo (OMG), Maximine coin, and Augur (REP) token. Maximine coin jumped 21%, the Chinese crypto mining based con is trading at $0.139 at around 8: 00 hours on 30th March 2019.
OmiseGo (OMG) Development
OmiseGo released its Generalized Plasma Architecture that will enhance extensibility and interoperability. OmiseGo has gained 9.57% on the daily scale. The price of OMG at 8: 00 hours on 30th March is $1.97.
The induced plasma architecture will enable Decentralized Apps to scale. With ‘predicates’ and off-chain implementation OmiseGo (OMG) is expected to offer services to a wide variety of merchants all over the world.
The dominance of Bitcoin (BTC) on the cryptocurrency market remained stable at 50.3%. Therefore, with more than 50% of the market capitalization and the apprehension of a break from the $4000 psychological levels will act as a catalyst for an upward or downward movement following Bitcoin (BTC).
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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