The continuous rise of Bitcoin gives a sign of confidence to traders, as also demonstrated by the fear and greed index. Bitcoin equals the recent record of six consecutive weeks with the best price increase between mid-April and the end of May 2019.
This record was surpassed by the 10-week rise that had characterized the movement between March and mid-June 2017, a trend that was only anticipating what would happen in the following months.
From those values, Bitcoin had almost multiplied by 10 the gains with the rise in mid-December. But that’s history.
The current trend has once again seen the end of a busy weekend despite the very low volumes. The weekend we leave behind us is the one with the lowest trades since the beginning of March.
This, however, does not limit the increases: besides Bitcoin, also other big names among the altcoins are able to achieve significant movements.
In particular, the ones that have been noticed during the weekend are the ones that are dragging the euphoria even today with elevations close to 10%.
It is the case of Cardano (ADA) that consolidates more and more the 13th position, and today is close to a 10% gain. With the rises of the last few hours, Cardano has achieved a recovery of almost 200% after the collapse that in mid-March saw prices close to $0.017, the absolute historical minimum for this alternative blockchain. The rise brings ADA close to $0.049, revising the values of early March.
In addition to Cardano, which from last Monday’s levels recovers about 30%, the others that achieve weekly increases of more than 20% are Stellar (XLM) that with the increases of the last few days is back in 12th position hitting Chainlink (LINK) in 11th.
Also Tezos (XTZ) has risen by 20%, which has been noticed during the weekend, almost tripling its value after the mid-March lunge, which with Saturday’s peak reached almost $2.90, a level that hadn’t been recorded since March 8th. Even Tezos triples its value in just over 40 days.
Last week’s movements do not see any choral rises for all the big names. For example, Ripple (XRP), recorded a gain of 1.5% on a daily basis and 3% on a weekly basis. Also Litecoin (LTC), Eos (EOS) and Binance Coin (BNB), despite recent increases, are not able to go beyond the highs of early April. Highs surpassed by Ethereum (ETH) which, with the jumps of the weekend, almost reaches the psychological area of 200 dollars.
The volumes remain above 110 billion dollars, a slight increase compared to yesterday, but in any case, they are not the highest levels of recent weeks when in some days the exchanges had reached 130 billion dollars on a daily basis.
The rises are consolidating even today and see the market cap go beyond 220 billion dollars, levels that the total market cap had not recorded since before the collapse in March.
With the ups and downs of the last night, Bitcoin revisits for the first time the $7,770, a level now a step away from the psychological threshold of $7,800, a bastion of support that had contained the bearish movement until March 12th.
The breaking of the 7,800 had then provoked one of the most violent and rapid falls in recent history, where in less than 48 hours, a collapse close to 50% had been recorded.
The return of Bitcoin close to $7,800 put behind it one of the worst periods of recent history and brings back again the confidence in Bitcoin, to the point that the fear and greed index, after having oscillated for about 50 days on the lowest levels indicating extreme fear, the longest swing of its history at the extreme fear level, today is back to a step from 30 points, level abandoned before the sinking of March 8th.
The halving is approaching and these are signs that bring back confidence in the industry, especially on Bitcoin, which since the collapse of March 13th, which had seen the price slide even below $4,000 on some exchanges, to today’s levels has doubled its prices in just over a month and a half.
In the vicinity of the halving, an increase in volatility is to be expected, which on a daily basis over a monthly period continues to fall to 3.6%, a level that marks a collapse after reaching peaks of 11%, peaks that Bitcoin had not recorded since January 2014.
Ethereum continues its ascent inside the bullish canal present since the lows of mid-March. ETH has almost reached the $200 mark, where some light profit-taking started, slowing down the race that had remained well sustained even during the weekend.
Even Ethereum doubled its prices from the March lows, when with the March 13th low it had touched $89, the lowest point since December 2018. Ethereum recovers 120% and therefore more than doubles its prices in a month and a half.
In the next few days, it will be important to surpass the $200-205 to go to review the former support area, which is now resistance, identified around $210. At the moment, Ethereum does not see any threatening storms that would appear with a reversal below $175.