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Bitcoin rate has broken through the level of $ 7000, analysis of the possible reasons for the growth of crypto banking
Cryptocurrency boom of 2017 is back ?! In just one day, the Bitcoin (BTC) rate showed an increase of $ 1,000, rising above $ 7,200. All major altcoins show an increase of more than 10%. The total market capitalization of cryptocurrency exceeded $ 215 billion.
It took only three days after Bitcoin was able to return to a level above $ 6000. But now he has confidently struck upwards of $ 7,000 and does not seem to be going to stop there.
This time, the entire market rushed for BTC: ETH overcame $ 200, BCH $ 350, LTC rose to $ 93, EOS aspires to $ 6. Other altcoins are not far behind. In the record holders of the TOP-20 today BCH, LTC and ADA, which showed a daily increase of more than 20%.
The capitalization of the cryptocurrency market rose above $ 220 billion, of which Bitcoin accounted for $ 129 billion (58.3%). That is, BTC continues to strengthen with the rest of the cryptocurrencies .
What is the most interesting thing about the current jump in the BTC course?
That no one knows his reasons. Growth began at the weekend, without any noticeable public events and news. Perhaps on Monday we will learn about the launch of Bakkt , the approval of Bitcoin ETFs , the recognition of cryptocurrencies in yet another major economy or other fundamental events.
We can also recall the next round of the US-China trade war, which began this Friday after the parties again failed to reach an agreement. However, the most likely new speculative growth, following the change of mood in the light of the obvious signs of a trend reversal.
Now, analysts are only forced to state the fact of a new bullish breakthrough: at current prices, Bitcoin has not been since August last year and is rushing upwards, alternately removing technical levels and lines.
In particular, today another sign appeared, the so-called “bullish cross” (in the figure below). It is formed by breaking up the 100-day moving average (SMA 100) of the 200-day line (SMA 200). This event is considered a strong technical signal for a reversal of the long-term trend.
Be that as it may, cryptocurrency skeptics today suffered a heavy blow. Like two years ago, cryptocurrency prices are rising despite all the warnings of famous critics, and more and more traders are in a hurry to “jump onto the train”. But no one knows where he will stop this time.
Publication date 12/05/2019
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