Bitcoin Breaks Out of a Dull Sideways Trend
On August 19, Bitcoin (BTC) finally decided it had enough of the sideways shuffle and started showing some bullish vibes. After last week’s snoozefest, the markets were buzzing as BTC challenged the big $11,000 mark. Talk about a necessary pick-me-up!
Market Movement: Riding on News Waves
Data from Coin360 highlighted that Bitcoin was not just wandering aimlessly; it was making moves, with morning trading showing almost 5% gains. What’s fueled this lovely uptick? Well, part of it stems from cryptocurrency exchange Binance’s announcement to drop its own version of a digital currency akin to Facebook’s Libra. Because nothing says “we’re getting serious” like entering the competition of a digital currency race!
Pivotal Price Points: $10K as a Firm Foundation
At the time of writing, BTC/USD found itself hovering at around $10,650, marking a daily gain of 4.9%. However, we mustn’t get too carried away, as weekly losses were still at 5.5%. It’s like winning a battle but losing the war, right?
Analysts Weigh In
Market analysts didn’t hold back their excitement nor their skepticism. Mati Greenspan from eToro pointed out a bullish wedge forming, while regular analyst Josh Rager offered a solid perspective on the longer-term narrative. He noted that many investors were likely re-accumulating coins after cashing out when BTC reached around $13,800 in 2019. Rager confidently stated, “In my opinion, this seems just like one large re-accumulation happening after large players took profits near $14k.” Who doesn’t love a good re-accumulation story?
Altcoins: Resurgence from the Shadows
But wait, there’s more! Just when we thought Bitcoin was stealing the spotlight, altcoins arose from their lows while basking in Bitcoin’s shine. For instance, Ether (ETH), the heavyweight of altcoin assets, saw its price jump 8.3% to reclaim the $200 mark. This reminded us that even when things look bleak, there’s always room for a comeback.
Winners and the Overall Market Pulse
Other altcoins followed the trend, with Bitcoin Cash (BCH), Litecoin (LTC), and XRP all enjoying gains ranging from 6% to 8%. The widespread recovery wasn’t just a flash in the pan: the cryptocurrency market cap stood just shy of $280 billion, with Bitcoin holding onto a dominant share of nearly 69%. Keep an eye on these altcoins – it looks like they’re serious about joining the big leagues again!
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