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Bitcoin Barrels Towards $10k Lifting Crypto Markets to $300 Billion

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Martin Young | Jun 21, 2019 | 06:00

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Bitcoin Barrels Towards $10k Lifting Crypto Markets to $300 Billion

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Martin Young | Jun 21, 2019 | 06:00


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It has been a fruitful Friday once again as Bitcoin reaches a new 400 day high of $9,800. The move has lifted total crypto market capitalization to its highest level since July 2018 as it touched $300 billion briefly.


No Signs of Stopping

Many had predicted that bitcoin would falter at the wall of resistance around the $9.6k level. As in previous movements, it ignored all correction calls and pushed even higher topping out at $9.8k a few hours ago according to Tradingview.com.

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BTC price 1hr candles – Tradingview.com

BTC has held on to gains during Asian trading this morning and is currently priced at 00. Daily volume is back to $20 billion and market dominance has reached 58% for the king of the coins. The calls for $10k are intensifying and resistance zones above that are already being mapped out.

BITCOIN FOMO IMMINENT

At the time of writing BTC is only a whisker away from levels of mass FOMO which could drive it to new all-time highs before the year is out. Fundstrat’s Tom Lee is in agreement.

“In most markets, a ‘new high’ is needed to confirm a breakout. But with #bitcoin, when it trades at a price seen only 3% of its history, this has confirmed a new high imminent. This makes crypto different.
This ‘3%’ is $10,000.
FOMO = $10,000
Currently $250 away from FOMO”

As the gap to ATH nears 50%, bitcoin has shown incredible resilience in its comeback from the depths of crypto winter just six months ago. Back then the predictions of capitulations down to $2k were coming thick and fast. Today it is a different story with chart gurus eyeing next levels of resistance deep into five-figure territory.

Crypto trader and analyst Josh Rager has noted that the last few times BTC went into a couple of days of consolidation, the uptrend continued. He too is eyeing a move to $10k but adds that this level forms a psychological barrier where profit taking is likely to occur.

CRYPTO MARKETS HIT $300 BILLION

The move by BTC has led crypto markets to a new 2019 high of a shade under $300 billion today. A slight retrace has dropped things back in the high $290b region but gains are holding. Other crypto assets getting a boost from their big brother include Ethereum adding 4% to $280, Binance Coin climbing 6%, and Monero up a similar amount.

The rest of the altcoins are still static though, many of which are still in the depths of their own crypto winter as altseason has yet to begin.

Will bitcoin hit $10k today or retreat at resistance? Add your thoughts below.


Images courtesy of Twitter @Josh_Rager, @Fundstrat, Shutterstock

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