Bitcoin investors and the entire Cryptocurrency market is optimistic of a better 2019 following the breaking of BTC level of resistance that had been set at $4,000. Although in the last 24 hours BTC has shed off 0.14% of its value, it is still a piece of welcome news that the price is at the $4,040 mark. This brings into perspective the question of whether the price would hold and whether the $4,000 will be the new level of support.
Meanwhile, other Cryptocurrencies are showing greens and reds meaning that the market is still in the red at least for the time being. However, indicators are looking upwards given the latest performance by Bitcoin.
According to Coinmarketcap, BTC market cap is at $70,597,900,312 having appreciated from a low of $56 billion on December 15th. Further, the volume of trade is at $4,937,857,482 with over 1,221,668 BTC having been transacted in the last 24 hours. Further, the total number of BTC in supply has stabilized 17,472,562 BTC out of the 21 million BTC that were created in the Bitcoin ecosystem.
On a weekly basis, BTC has managed to surge by 7.9% which is very impressive given low demand in the Yuletide season that was unable to trade off high selloffs. Moreover, monthly figures indicate that BTC has gained by over 12%. Drawing basis on the immediate historical examples, it is becoming more obvious that BTC is set for a long period of sustained gained and it will defy projections from critics about the end of Cryptocurrencies.
A New Level Of Resistance And Support
The normal price range that BTC is expected to trade in the near future has been set at a new level. Firstly, $4,000 will be the lower level of support that will prevent a slide of BTC below the level towards the $3,800 earlier level of support.
On the other hand, a new level of support has been set at $4,100. If BTC breaks out of the new price range, it would continue on its upward spiral ahead of the much-anticipated bull run that Crypto markets experts have been forecasting. Meanwhile, it is highly likely that the playing field for BTC is bound at the new price range.
Crypto Market Performance
Ethereum, the largest altcoin is priced at $151 with a very small retraction of about 0.08%. ETH market cap is now at over $15 billion with 104,283,528 ETHS in circulation. The highest price change in the week was at $162 and this is raising hoped that ETH has the capacity to surge and regain its losses after suffering a massive slide after November 24th, 2018 Bitcoin Cash wars. ETH has grown by over $13% in the past week and by 59% in the last month.
Hot on ETH heels is Ripple’s Token, XRP. The current price of $0.366423 is in the green and the market cap is at $14,947,920,371 which is a difference of less than $1 billion with Ethereum’s. From a month’s perspective, XRP has surged by 17.6%.
Other Cryptocurrencies such as Tron, Bitcoin Cash, Monero, ZCash, Litecoin, etc., are registering mixed results with reds dominating the scene in the last 24 hours. However, the losses are capped at 3% which is an indicator of a stabilizing market.
Bitcoin Performance Effect
The total market capitalization is at $136 billion. Earlier on Wednesday, Tron hired David Labhart- a former US SEC supervisory attorney. This and similar moves will contribute to the autocorrection and lead to a sustainable Crypto market growth.