The rises of the last few days have brought Bitcoin back near to its all time high, with an intensity of movement in some ways similar to the one witnessed in 2017, but in a decidedly different context that I have been able to illustrate on several occasions in these pages in recent months.
These indications until a few weeks ago were plausible hypotheses that have materialized today.
The interest that has first attracted the attention and participation of many major financial investors in recent months is beginning to show a different perspective on the recent rises compared to those at the end of 2017.
After the most recent retracement, which exactly one week ago recorded the deepest decline since the beginning of September, the recovery began, which to date has seen only one day, that of Tuesday, December 1st, close in the red.
The positive trend is also characterizing today’s day with a clear prevalence of green signs. In the ranking of the first 100 cryptocurrencies with the highest capitalization, more than 80% show a positive balance even if not with the same intensity that has characterized the last days.
Nem (XEM) is the only double-digit increase of the day with a gain just over 10% from yesterday’s levels. The other best are the tokens of decentralized finance such as Kusama (KSM), ThorChain (RUNE) and Ampleforth (AMPL) with increases above 5%.
The capitalization of the entire market remains just under $580 billion with Bitcoin maintaining 62% market share at over $360 billion. Both Ethereum (11.8%) and Ripple XRP (4.9%) are falling a few decimal places from recent days’ levels.
The total value locked (TVL) in decentralized financial projects is stable, close to yesterday’s absolute record of $14.7 billion. The Maker loan protocol maintains the leadership with around $2.8 billion locked up. WBTC and Compound follow.
Bitcoin price near to a new all time high
The psychological support of the 19,000 USD is holding up well, with prices having returned above 19,500 in the last few hours. The low exchanges of the last 24 hours do not change yesterday’s technical conditions.
For this reason, it is necessary to continue monitoring the area’s resilience between 18,500 and 19,000 USD in order to understand the intentions to consolidate this base before to hit its new all time high, otherwise it could be a short distribution phase over the period highs.
Despite a technical structure similar to that of Bitcoin, today’s climb of Ethereum (+3.5%) seems to reinforce the recovery of 610 USD despite the fact that the last few days have been characterized by more accentuated volatility causing wide excursions. For Ethereum it is necessary not to return below 500 USD in the short term.
Support level that from this height offers wide and dangerous margins of movement for short-term speculation. While for the medium term the range of fluctuation reaches up to 400 USD, a level where the most massive protection of options traders emerges.