The price jump accompanied by volumes is characterizing the crypto market for the fourth consecutive day. The setback recorded last week is increasingly taking the form of price consolidation, which has given rise to the upward trend being confirmed today.
Unlike recent days, prices are testing important levels of resistance that could definitively change the face of the medium-long term trend that had characterized the entire second half of 2019.
In recent hours, Bitcoin has returned close to $9,500, which was a hostile area of resistance during the movement that had characterized the upturn between late October and early November, prior to the reversal that in mid-December had recorded the low of the second half of 2019. What is happening in these hours is increasingly taking the form of a movement that is consolidating the trend initiated in mid-December, which then saw the long run at the beginning of 2020 and which is moving prices further and further away from the dangerous lows of last December.
This lengthening of the last few hours confirms the upward trend that has been going on since the beginning of the year. If we take as a reference the first 50 most capitalized, they have all been in positive territory since the opening of 2020. +
These include the excellent performance of Ethereum Classic (ETC) which, since the beginning of the year, has gained 180% and today confirms the good performance with an increase of almost 15% on a daily basis. Ethereum Classic is the best of the day and thus conquers the 10th position, which it had seen for the last time in October/November 2018. A confirmation for ETC that returns to attract the attention of investors. From a technical point of view, thanks to the leap that confirms the trend already underway for more than a month, the value of ETC gains about 300%, pushing it to a step from $13, a figure not recorded since September 2018, coinciding with the entry in the top 10.
Among the best YTD (year to date) there is also Bitcoin Satoshi Vision (BSV) with a gain of 200%, although BSV remains the target of heavy speculation, with double-digit oscillations. Today BSV loses 5%, the only one in red among the top 20 along with Stellar (XLM) losing 0.5% and Cosmos (ATOM) losing 3%.
The other best since the beginning of 2020 is Dash, which is back up with +2% on a daily basis. Added to the previous days, Dash gains 180% since the beginning of the year.
The day is characterized by increases for more than 80% of the cryptocurrencies and this makes the entire sector return above 255 billion of capitalization, levels that go beyond the previous highs of recent periods that were around 250 billion, recorded between late October and early November 2019 and coinciding with the news coming from China that in those days opened up to Bitcoin and Blockchain.
A market cap that once again sees the return of trading volumes above the 110 billion dollars, a figure that had not been recorded since mid-January when prices were rising with an intensity unseen since October 2019. The return of volumes also indicates a return of confidence pushing above the highs of early November, which in turn had not been seen since early August.
The dominance of Bitcoin remains unchanged and just above 66%, indicating that not only BTC is marking a prevailing trend in the industry, but also that some of the altcoins are holding back the dominance of the queen of crypto. Ethereum remains unchanged at 7.7% market share, while Ripple is falling back to a step from 4%, the lowest level in the last two years.
Bitcoin breaks the dynamic bearish trendline that joined the decreasing highs since the end of June. It was an expected signal that gives further confirmation that the trend on a cyclical bimonthly basis returns to the rise, something that had not happened since last June.
It is an important signal that comes at a time of particular uncertainty in traditional markets, which is reflected in the opposite way in the crypto market with confirmations on Bitcoin that provide comfort to the entire sector.
Ethereum today rises by 2% and is pushing again to revise the highs just under $180, relative highs recorded two weeks ago. It now finds itself testing the dynamic downward trendline that combines the decreasing highs recorded since last August.
A break of this level would project prices to test the fateful technical and psychological resistance threshold of $200. A reversal of the trend that is accompanied by a fair increase in volumes, which had been missing during the last week that had ended with a negative sign, whilst now ETH returns to positive territory on a weekly basis with a gain of 3%.