Bitcoin broke the $5400 mark on 22nd April 2019. Bitcoin [BTC] which broke $5000 on 2nd April 2019 completed three weeks while maintaining the $5000 as support.
The price of Bitcoin [BTC] at UTC on 23rd April is trading at $5395. The percent dominance of Bitcoin over the cryptocurrency market also increased by more than 1% on a daily scale. Therefore, while the altcoins have been the better performing then Bitcoin since the beginning of the year, Bitcoin [BTC] still seems to be dictating terms of the entire market.
The total market capitalization of the cryptocurrency market is $20 billion short of $200 billion. It broke the $200 billion mark on the downside on November 14th, 2018.
The ‘Golden Cross’ of the 200-Day Moving Average with the 50-Day Moving average is also coming to realization. The intersection will be a decisive moment for BTC and cryptocurrency markets to finally confirm the bull or move downwards again.
Litecoin [LTC] Decoupled From Bitcoin?
Litecoin [LTC] was trading in the red over the weekend as the price broke below $80 dollar on April 21, 2019. The ‘Golden cross’ on Litecoin occurred on 15th March, the price is trading 37.5% higher since then.
The price of Litecoin [LTC] at 3: 00 Hours UTC on 23rd April is $77.20. It is trading 1,23% higher on a daily scale.
Some analysts have predicted that Litecoin [LTC] might be leading the crypto-markets currently with its gains. B. Biddies a popular cryptocurrency price analyst noted in his tweet that Bitcoin and Ethereum can be expected to follow Litecoin [LTC] into the correction as well.
— B.Biddles (@thalamu_) April 22, 2019
Ethereum [ETH], XRP and EOS
Moreover, Ethereum, XRP, and EOS with the majority of the altcoins stayed relatively stable w.r.t. USD. Bitcoin gained more than 2.3% on a daily scale while the gains on altcoins were below 1.2%.
The price of XRP at 3: 00 Hours UTC on 23rd April is $0.328. It is trading 0.81% higher on a daily scale while BTC trades above 2.25%.
XRP is skirting above the 0.00006000 BTC. It has lost more than 20% of the value w.r.t. BTC since the beginning of the month. Hence, the correlation between Bitcoin and XRP seems to be breaking away from the trend as well.
The price of Ether [ETH] and EOS at 3: 00 hours UTC on 23rd April is 171.93 and 5.25 respectively. It is trading at about 1.5% and 1.1% higher on a daily scale.
Moreover, the altcoins have also been in the red this morning w.r.t. BTC. The gain on most top altcoins is below 1.5% while BTC is trading higher by 2.25% on a daily scale.
Nevertheless, some of the altcoins with greater positive rise included Tezos (XTZ), Zcash (ZEC), and Cardano (ADA). The rise on Cardano’s ADA was most impressive at 9.73%. The price of Cardano’s ADA at 3: 00 Hours UTC on 23rd April is $0.08. Tezos (XTZ) and Zcash rose by 5% and 3% respectively on a daily scale.
As the golden cross comes near realization, which path would Bitcoin take now, Bull or Bear? Please share your analysis with us.
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 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