Bitcoin, resumption of cryptocurrency pushes market above 340 billion dollars. New wave of "bulls" for digital assets.
In closing last week Bitcoin has risen above $ 8,400: a threshold that is being tackled for the first time since March 25, and which has allowed it to extend its five-day rally to a considerable + 20%, leading its total market capitalization to 140 billions of dollars.
With last week's gain Bitcoin it has therefore already recovered 30% from the low of April 1, a moment that has put an end to what appears to be a serious bearish threat. Not only that: the reversal of the quotations of Bitcoin it has also been an important catalyst for the entire market, which has recovered 33% of its capitalization since last Wednesday, pushing on a total value of approximately 340 billion dollars.
Each of the top 10 cryptocurrencies by capitalization has reported significant gains in the last few days: towards the end of the week, for example, Ethereum extended its rally over 500 dollars, earning 6% at 525,33 dollars, Ripple XRP went up 6,2% to $ 0,665, Bitcoin Cash earned 5,4% at 771,32 dollars while Litecoin got a + 3,5% to $ 130,22. Meanwhile, Stellar Lumens climbed 15,5% to $ 0,286 while IOTA gained 18,2% to $ 1,61.
The return of the "bull"?
The very strong increase in the price of the main ones cryptocurrency it is a clear sign that the bull market is making a comeback. At the height of crypto-euphoria, the altcoin they represented around 68% of the total market, while this figure dropped to 55% earlier this month, to then strengthen to 58%.
Several altcoins have outperformed the Bitcoin in the last week (think of EOS, OmiseGo, STORM and WanChain), acknowledging a movement that could be interpreted as a strong indicator of the return to liquidity.
As for the reasons, the recent recovery of the prices of the cryptocurrency it was attributed to the liquidation of the tax season for US traders, a factor that could sustain a prolonged rally even after today's deadline. US traders accounted for 30% of the $ 590 billion in wealth generated by the cryptocurrency rally in 2017, according to data reported by Tom Lee of Fundstrat Global Advisors.
Although Lee predicted significant capital gains on taxes from cryptocurrencies, organizations such as Credit Karma have actually estimated that only a small fraction of traders have correctly reported their earnings.
Therefore, some believe that the reasons for this rally are others, such as the increase in trading volumes on the Korean peninsula and a general decline in other stocks. CCN has come to define South Korea as a "copper pan" in the cryptocurrency environment, considering that it heats up very quickly and cools down just as quickly. Will it be like this again?
