Over the weekend there have been returns to important levels, first and foremost for Bitcoin which, after 5 months, has reached 10000 dollars, a level that it had visited for a few hours during the rise at the end of October, followed by a bearish trend.
The whole sector has recorded a positive movement due to the trading volumes which have remained high. Despite the public holiday that sees the stock markets closed, the cryptocurrency market kept trading above the average of the last few weeks yesterday. This has brought liveliness to the whole sector.
For Bitcoin, the current situation is quite different from what we saw in October when one of the most intense jumps in history took place. Today, the return to 10,000 dollars comes with a consolidation of a rise that has been developing since the lows of mid-December and has taken more shape since the beginning of the year.
But there are also other cryptocurrencies that are pushing the entire sector: among the most evident rises is that of Tezos (XTZ) which, with a strong bullish movement from the lows of mid-January, sees its prices double and rise above $2.70, an absolute historical record for XTZ, which thus conquers and consolidates the tenth position.
The movements of the rest of the sector were very also positive. Scrolling through the ranking of the first 20 cryptocurrencies in terms of weekly performance there is only one negative sign, that of Ethereum Classic (ETC) which is just below par. For all the others the gains are double-digit.
Despite the very positive weekend, Monday is recording a slight setback after the rises recorded on Sunday.
The red signs prevail for 55-60% of the cryptocurrencies, declines that seem to be due to the profit-taking after the weekend rises,
Volatility is close to the 2.5% low of the last 5 months. The market cap flies over $280 billion, levels not seen since last August.
Breaking up the data on total capitalization, it is the altcoins in particular that are supporting this return of the alt season, as the altcoin sector alone is back to its highs at the beginning of July 2019. This is a signal that confirms Bitcoin’s declining dominance, down below 64%. Ethereum’s dominance is back to the October highs, rising to 8.7%. Ripple is stable, which unlike 99% of the altcoins, despite recording a bounce that brings it close to +60% gain from the lows at the beginning of the year, keeps prices below last November’s highs, the contrary with respect to the majority of all altcoins being well above last fall’s levels.
Bitcoin (BTC) goes above 10,000 dollars
Bitcoin, after the strong jump that in the early hours of Sunday saw prices push above $10,100, sees profit-taking prevail with the start of the week, pushing prices below the psychological threshold of 10000 dollars.
Nothing to worry about because this further leap still earns percentage points and sees BTC’s earnings increase to 40% since the beginning of the year.
The level of vigilance for a possible change of direction is also rising. Every movement that will characterize the next few hours or days sees room for manoeuvre up to $9,500. Below this level, a first warning signal would be triggered, but nothing to worry about because the danger threshold has moved above $8,800.
The rise of Ethereum continues to take shape. With highs recorded over the weekend, ETH sees prices hit the $230 threshold that it had not recorded since early August 2019.
Ethereum is about to double its value and achieves a leap that in less than two months represents an increase of 90%. Although it is not the best performance among the altcoins, since others do much better, like Binance Coin (BNB), Bitcoin Cash (BCH), Bitcoin SV (BSV), Eos (EOS), Tezos (XTZ), Cardano (ADA), Monero (XMR), Ethereum Classic (ETC), Chainlink (LINK) and Dash (DASH), Ethereum definitely remains the queen of altcoins. Therefore the return of the bullish trend that was missing since last June 2019 is definitely a positive sign for the entire altcoin sector.
For Ethereum the fluctuation margins remain wider than Bitcoin, so much so that it can afford to retrace prices without danger down to the 190-195 dollar area. Only a sinking below $175 would cancel the current bullish structure, but at the moment there are no signs suggesting the worst.
For ETH, the trend seems to be bullish, but it will be necessary to have confirmations in the coming weeks. A break of $230 in the next few days would project the next target in the 260-280 dollar area.