Crypto-Market Update: Bitcoin [BTC] Testing $6k; Ethereum [ETH] Breaks Above $175

By Nivesh Rustgi
Published May 7, 2019 Updated May 7, 2019
Best Buy In

DeFi Platform



CMU bitcoin $11200
Image Source: Shutterstock

Crypto-Market Update: Bitcoin [BTC] Testing $6k; Ethereum [ETH] Breaks Above $175

By Nivesh Rustgi
Published May 7, 2019 Updated May 7, 2019

On 6th May, two significant announcements from an institutional platform and regulatory watch-dog acted as ‘key market indicators’ as the prices surged during the day. The total market capitalization of the cryptocurrency markets added more than $8 billion in 24 hours.

Reportedly, Fidelity Investments is expected to roll out Bitcoin Trading Services on its platform. Furthermore, Ethereum based derivates contracts could be initiated in the near future as well as CFTC is “comfortable” with Ether [ETH].

Ethereum [ETH] Looking to Reverse the Trend

Ethereum broke past the symmetrical triangle with a strong bullish move. It is testing the resistance near $180, the price of Ethereum at 4: 00 Hours UTC on 6th May 2019 is $178. It is trading 10.42% higher on a daily scale.

ETH/USD 1-Day Chart on Coinbase (TradingView)

With Respect to Bitcoin, it tested the 200-Day Moving Average at 0.031 BTC on the 4-Hour chart. A golden cross occurred on ETH/BTC daily chart with the bullish move as Ethereum was in a downtrend w.r.t. BTC after the Constantinople Hard Fork.

ETH/BTC 1-Day Chart on Coinbase (TradingView)

However, the 4-Hour chart also suggested FOMO characteristics with a ‘shooting star.’ Moreover, the volume of the red candle is almost at par with the volume of the green buy candle from yesterday.

ETH/BTC 4-Hour Chart on Coinbase (TradingView)

Bitcoin [BTC]

Bitcoin traders also received a positive piece of news as Fidelity Trading Platforms are expected to be rolled out in a “few weeks.” This suggests the rising institutional demand for Bitcoin among investors.

Bitcoin is currently testing $6000 resistance as it continued to rise on the daily with a bullish pennant. The price of Bitcoin at 4: 00 Hours UTC on 6th May is $5943. It is trading 4.18% higher on a daily scale.

BTC/USD 1-Day Chart on Coinbase (TradingView)

The other altcoins also gained as the market indicated a strong bullish inclination.

Litecoin [LTC], Bitcoin Cash [BCH], EOS, Tron [TRX] and Cardano’s ADA gained more than 5% on a daily scale. The price of LTC and BCH at 4: 15 Hours UTC on 7th May 2019 $77.6 and $295 is respectively.

While most of the other cryptocurrencies surged by similar percentages XRP and XLM held moderate gains under 2%. The price of XRP at 4: 00 Hours UTC on 7th May 2019 is $0.305.

Do you think that the bullish days in cryptocurrency markets are back? Please share your views with us.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
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)

Loading Next Story