It has been another happy Monday on crypto markets as they are surging again. All altcoins are in the green during the trading session in Asia and Bitcoin has led them up as it pumps towards $9,000.
$25 Billion Inflow
Over $25 billion has been pumped back into digital assets over the past day as markets reach a new 2019 market cap peak of $272 billion. Crypto capitalization has not been that high since July 2018 when things were on a downward slide.
Total market cap 12 months – coinmarketcap.com
Daily volume has also surged by 50 percent as it approaches $90 billion. Around $100 billion has been injected back into crypto markets since the same time last month. Since the beginning of the year market cap has over doubled.
Several of the altcoins are trading in double digits today. Litecoin is one of them as it adds a further 11 percent today on to the huge gains LTC made over the weekend. Litecoin is currently trading at $113 and is likely to go higher as the halving in August draws nearer.
Bitcoin Cash is on the tail of its big brother making 9 percent today is BCH jumps to $438 and EOS has added a similar amount reaching $6.90. Tron has shot up almost 15 percent, driven by another fomo inducing tweet from Justin Sun. TRX is currently trading at $0.031 and BTT is also on a roll with a 33 percent spike today. Bitcoin SV is getting a big 17 percent boost at the moment reaching $106.
Bitcoin Approaches $9k
The momentum yet again has been driven by Bitcoin which took off a few hours ago to reach a high of $8,850 according to Coinmarketcap.com. It surpassed $8,900 on some exchanges which often trade with higher premiums. This is the highest price Bitcoin has hit for about a year, the last time being early May 2018.
Crypto trader Josh Rager sees more gains ahead with BTC pushing past $9k;
“Goodbye meme triangle, hello $9k+ targets. Some people were screaming triple top when the more obvious conclusion is retest after retest of resistance will finally lead to a break to the upside. Bitcoin could cool off, run sideways but IMO will continue to move up over $9k”
‘CryptoFibonacci’ meanwhile says that that shorts will start taking effect once Bitcoin hits $9,500 and it is very likely to return to test the exponential moving averages.
There seems to be no stopping Bitcoin at the moment and, pullback or not, it is definitely the bulls that are in charge right now.