Today’s rises are marked, and they not only report a rise in prices but also in sentiment and cryptocurrency volumes, dispelling much of the fears that hit the market in mid-March.
Moreover, for most of the main altcoins, prices are rising even beyond the levels prior to the bearish storm that hit between March 12th and 13th.
This is the 5th time that prices have seen a green sign in the last week. There have only been two days in the red since last Tuesday. The days with closures lower than the openings are those of Friday and Sunday, although they have not revealed particular fears, to the extent that the weekend has been a period of reflection and anticipation, which exploded yesterday and continues today with strong increases accompanied by volumes in sharp rise.
On the 24 hour interval, trading volumes have been over 30% higher from yesterday, with total volumes going over 140 billion dollars.
Volumes that return to be reviewed also for Bitcoin, following two days of trades with a counter value of less than one billion dollars, an event that did not occur since March 6-7, when prices were higher than the current ones, just over 9,000-9,200 dollars.
This is a signal that shows that investors are particularly focused on the market, which despite fears and one of the worst falls that took place in mid-March, began this recovery which brings prices back to levels before the flash crash, started on March 12th.
Similar to how Bitcoin characterizes much of the downward movement, in this context, it is driving all the altcoins.
Today among the top 100, there are only two red signs. The day is particularly notable among the first 15 on CoinMarketCap: the best is Ethereum (ETH), which with a jump of 15% recovers ground that had been lost during the elevations of the last two weeks, a rise somewhat slowed down by the worries of the fans of Ethereum.
With today’s leap, together with Chainlink (LINK), ETH is the best among the big names.
In fact, even LINK jumps more than 15% on the 24 hours, and is the best among the top 15 together with Ethereum. Chainlink recovers the 2.80 dollars, levels that last January had been the resistance before the break that had pushed prices to the absolute historical highs, a step from 5 dollars, towards the first days of March, before sinking like the whole sector, with declines that characterized the first half of March. Chainlink not only recovered the $2.80, but also regained 14th position.
There are other rises that also characterize the day. Noteworthy are the double-digit jumps: among the big ones, there is the rise of Eos (EOS) over 11%, which regains the $2.76. Tezos (XTZ) also reinforced its 10th position in the ranking of the most capitalized with a leap that today goes beyond 13%.
The best of the day, in addition to Chainlink and Ethereum, is VeChain (VET) which, with an increase that in recent hours had pushed over 20%, benefits from the inclusion in the list of the most important South Korean exchange that is Upbit. The entry in the list of Upbit makes VeChain’s prices fly with a leap that goes beyond 0.0047 dollars, above the prices of March 12th.
The dominance of Bitcoin falls below 64.5%. This shows how the Bitcoin is dragging and supporting the rise, but the jump benefits the altcoins. With this strong rise of the day, Ethereum definitely pushes forward also in terms of market dominance moving above 9%, levels that ETH had abandoned before the collapse of mid-March, levels of March 12th. Ripple remains substantially unchanged at 4.2%.
Bitcoin continues to push itself above the highest highs since the decline that hit the industry on March 12th, pushing itself above $7,450 in these hours.
Technically, Bitcoin is one step away from the downward trendline test that unites the decreasing highs from mid-February and passes into the 7,600 area, where it crosses the 50% Fibonacci retracement, taking into account the mid-February highs and the lows a month later, on March 13th. The rise from those mid-March lows sees Bitcoin recovering between 65 and 70% of value, which confirms the restart of the new bi-weekly cycle that, like the previous one, enjoys a good upward push. A bullish push that will turn upward if prices were to break the area mentioned above of $7-700-7,800.
Ethereum has suffered in recent days, pointing out a particular problem with the breakage of the $146 area that over the last 2 days had been tested about 4 times.
The break came in the morning yesterday, later confirmed by the strong bullish movement supported by an impulse and accompanied by good volumes, although not particularly euphoric, but still driving the prices of Ethereum to the highest levels since March 12th.
Ethereum is also aiming to recover the bearish trendline that combines the decreasing highs of the second part of February and passing in the 190 dollar area which, as for Bitcoin, coincides with 50% of Fibonacci retracement, taking as a reference the highs of February 19 and the lows of March 13th.
These signals should be followed very carefully as at this particular moment could give important indications in the coming days, especially in case of further bullish extensions during the course of the day.