Markets Update: Bitcoin Surges To $10,000
Following a break above resistance at $9,000, the BTC markets have ramped up to test the $10,000 USD area on leading exchanges. Bitcoin has recovered by more than 60% since testing the $6,000 area on February 6th.
Bitcoin has produced upbeat action in recent days, forming an inverse head and shoulders pattern on the 4-hourly chart before breaking above resistance at roughly $9,000 area yesterday.
The bearish action of recent weeks saw bitcoin lose roughly 65% of its value – falling from approximately $17,000 at the start of January to the recent low of less than $6,000 on the 6th of February. When equated with the all-time high of approximately $19,700 from December 17th, the drop down to $6,000 comprised a 70% loss in the value of BTC in just seven weeks.
The recent bullish drive has seen bitcoin break above the 23.6% retracement area of the crash when measuring from the all-time high area of $19,000 – $20,000. Many traders are anticipating that BTC may soon test the major downward trend-line stemming from the all-time high should the markets continue on their bullish trajectory.
According to Crytocompare, Japan’s markets are by far the most dominant – with JPY/BTC trade currently comprising over 51% of the total volume of BTC traded globally during the last 24 hours. USD and USDT trade is estimated to represent approximately 37% of global trade combined, followed EUR/BTC trade with just under 5%. The shifting regulatory sands in South Korea have considerably reduced the supremacy of the KRW/BTC markets – which presently comprises just 3.5% of BTC traded in the last 24 hours.
The dollar-value of most altcoins have shown a strong parallel to BTC in recent months, with nearly every cryptocurrency producing a strong bounce in unison with bitcoin during February.
Among the best performing altcoins swaggering a high market capitalization have been Litecoin and Ethereum Classic – both of which appear to have benefited from FOMO leading up to their respective forks, gaining over 100% since early February.
According to Coinmarketcap, bitcoin is at present applying a market ascendancy of approximately 35%. Ethereum is second largest cryptocurrency market, boasting a 19.5% market dominance, followed by Ripple with 9.5%, and Bitcoin Cash with almost 5%.
