Alexander Kuptsikevich
FxPro Financial Services Limited
On Friday, BTC broke through the resistance of $50,500, paused for the weekend, and exceeded $51,500 on Monday, where it is now struggling to hold on.
Actually, Bitcoin is trading above $50,000 since last week as the bulls managed to keep the rate above the 200-day moving average. In light of this, the price of "over fifty" has become quite common over the past few days.
Anchoring above this mark will open the way to $60,000 and may become a catalyst for a fully-fledged reversal of the crypto market.
Altcoins deserve even more attention. Last week, they surpassed bitcoin in growth several times, reducing its market share to almost 41%. Over the week, the capitalization of altcoins increased by 15% and reached $1.34 trillion.
Crypto optimists will love the fact that the mixed fluctuations bitcoin has been exhibiting lately have not changed the views of Bloomberg senior strategist Mike McGlon. He retained a target of $100,000 for Bitcoin and $5,000 for Ether.
Considering the real decrease in the popularity of BTC in search engines, it is possible to conclude a redistribution of existing investors into alternative cryptocurrencies.
Ethereum showed an increase of more than 22% over the week, and its share on the crypto market again exceeded 20%. Throughout history, this happened only once in 2017, and even then for a short time. In fact, the growth of the main altcoin last week set a positive tone for all cryptocurrencies.
Also in the weekly top are Fantom - $ 1.13 (↑ 120%), Revain - $0.0305 (↑ 85%) and IOTA - $1.81 (↑ 80%).
Top 3 altcoins for the last 24 hours: Quant - $ 355.63 (↑ 42.94%), Filecoin - $ 117.31 (↑ 24.82%), OMG Network - $ 8.98 (↑ 19.47%).
There are also "dark horses". For example, the Cardano coin updated it's maximum, having gone above $3, but this was not enough for investors: on the eve of the launch of smart contracts, they expected more from the coin. As a result, the rate fell back to $2.87.
The impression is that the market lacks fresh blood to continue the general uptrend.
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