Active Cryptocurrencies: 2116 | Active Exchanges: 234 | Total MarketCap $120,383,351,083.57 | BTC Dominance: 52.33% | ETH Dominance: 10.31%

Bitcoin (BTC) & Major Altcoins Signal Upward Movement

The crypto markets registered high volatility and higher gains last week, with Bitcoin (BTC) nearing $5,400 and major altcoins increasing by more than 60%.

High volatility has returned to the crypto market in the last couple of weeks, with BTC and the major altcoins gaining over 60%.

  • BTC is trading at $5,285.74 at the time of writing, and it has jumped by about $1,000 since its highest price in March this year.
  • Major altcoins like Ethereum (ETH), Tezos (XTZ), Monero (XMR), and Ontoloy (ONT) also showed significant gains in the past days.
  • ETH peaked at $176.60 last Friday, April 20, but currently trades at $169.52. It also recovered from its slump Tuesday, April 16, when it hit as low as $160.
  • XTZ bounced back Thursday, April 19, with  a $1.41 trading price from its Tuesday slump.
  • Although now trading at $68.41, XMR hit $70.44 before dropping on the same day on Sunday.

The long term BTC trend remains bearish with major resistance for the bulls at $6,000. Daily close above those levels could give a further push on the update. Short term resistance is currently capped at around $5,300.

  • Despite BTC’s impressive performance as of late, the biggest cryptocurrency still projects a bearish long-term trend.
  • The BTC price last week Tuesday played between the $5,200 and $5,300 levels, giving traders an impression that a possibility of seeing BTC hit $6,000 may not be any time soon.

Ethereum has been one of the best crypto assets on the long side since December 2018 with a total of 1.34% gains for the period. Since the beginning of April, ETH/USD pair booked over 34% gains, following BTC’ surge. Short-term bias is bullish.

  • ETH broke out of the $4.50 level between on March 31, thereby starting April on a good note above $5.00.
  • ETH/USD almost reached $6.00 in the second week of April but went short in maintaining its upward movement.
  • ETH has been trading along the $5.50 level since Tuesday, April 16.

The third largest digital asset, XRP, has been mostly stuck in range trade between $0.32 – $0.35. Ripple’s coin has been in a long term consolidation pattern since the market dropped off the highs in December 2017. Short-term bias remains bearish.

  • News of Ripple’s intentions for a global expansion of its xRapid cross-borded payments system may have positively affected the bullish impression for XRP.
  • XRP hasn’t gone past the $0.35 level since the major slide toward the end of the second week in April.

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