Bitcoin briefly breaks a new support of $ 5,300 as traditional markets grow

4 min read

Monday, April 8 – Bitcoin (BTC) and Ethereum (ETH) continued to grow, while most of the 20 largest coins per market capitalization today are immersed in red.

Ontology (ONT) and Bitcoin Cash (BCH) see the largest losses of the 20 largest coins, 7.6 and 6.4 percent less than the last 24 hours at the time of the press, according to CoinMarketCap.

Market visualization of Coin360

The largest cryptocurrency, Bitcoin, has continued to climb today, with its price earlier in the day up to $ 5,315. At the time of the press, Bitcoin rose slightly by 0.4 percent, trading at around $ 5,171. Bitcoin continued to achieve high peak milestones and has risen 24.4 percent in the past seven days.

Bitcoin price chart for 24 hours

Bitcoin price chart for 24 hours. Source: CoinMarketCap

The highest altcoin, Ethereum, sees the largest profit among the top 20 coins through the market cap, an increase of 5.3 percent over the day. The second largest crypto trades at $ 177 during the press phase, an increase of 23.6 percent in the past 7 days.

Cointelegraph announced this weekend that Tron founder and CEO Justin Sun has expressed the confidence that the Tron ecosystem will officially work with Ethereum this year.

Ethereum 24-hour price chart

Ethereum 24-hour price chart. Source: CoinMarketCap

Ripple (XRP), the third top cryptocurrency per market capitalization, is 2.3 percent less than the last 24 hours at the time of the press, trading at $ 0.352. The second top altcoin has still risen by around 12 percent in the past 7 days.

Ripple 24-hour price chart

Ripple 24-hour price chart. Source: CoinMarketCap

The total market capitalization is $ 179 billion, while the daily trading volume is around $ 63 billion at the time of the press.

Total 7-day chart with market capitalization

Total 7-day chart with market capitalization. Source: CoinMarketCap

Recently, a cross-party group of South Korean lawmakers urged the local government to relax the crypto and blockchain rules, and claimed that the country's financial regulator was too conservative about the sector.

Earlier on April 5, Bloomberg Intelligence analyst Mike McGlone claimed that Bitcoin was at the highest overbought level since its record highs in December 2017, when the largest cryptocurrency approached its all-time peak of $ 20,000. According to McGlone, recent market growth took place through long-term price compression and low volatility.

Yesterday, Ran NeuNer, the host of the CryptoTrader show of CNBC, expressed a critical attitude towards publications that still call Bitcoin a bubble. NeuNer suggested that if Bitcoin was even a bubble in 2018, there are no bubbles that blow twice. According to the Cayman Alternative Investment Summit (CAIS) survey of 2019, nearly half of investors think that an asset class cryptocurrency is a bubble.

The US stock market rose slightly at the time of the press, with the Dow Jones Industrial Average (DJIA) an increase of 0.15 percent, while the S & P 500 (SPX) and Nasdaq (NASDAQ) Composite respectively around 0.5 and 0.6 percent up. According to CNBC, the market anticipates upcoming business results, with major US banks, such as JPMorgan and Wells Fargo, reporting their latest figures on Friday.

In the meantime, oil prices have risen to the highest level since November 2018 thanks to the ongoing austerity measures by OPEC, US sanctions against Iran and Venezuela and fighting in Libya, as well as strong US job data. International benchmark Brent futures has risen 0.4 percent, while West Texas Intermediate (WTI) crude oil has risen around 0.3 percent, according to Oilprice.com.

The gold price reached a one-week high today, when the dollar fell after a report that slowed US wage growth last month, while investors waited minutes later for the minute of the US Federal Reserve's March meeting. Spot gold has risen 0.8 percent to $ 1,301 per ounce, while gold futures has risen 0.9 percent to $ 1,307.

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Don Bradman

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