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.
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.
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.
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.
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.