Tuesday was a good day for the main cryptocurrency: Bitcoin updated the November highs of last year above $ 5,600, adding 4%. Upward movement was accompanied by an increase in trading volumes.
The main cryptocurrencies on Wednesday for the most part shifted to a decrease in the framework of the correction to the previous growth. The exception is Bitcoin, which continues to go up on the background of the news that the regulated mining fund created by Final Frontier and Bitfury will be launched in Europe. On this news, the bitcoin rate at 9.30, according to Libertex, has strengthened by 1.23% during the day - up to $ 5,604 with a capitalization of $ 99.6 billion. Along with the rate jump, the bitcoin index of domination also increased, exceeding 53%. It can be assumed that a new cycle of the bull market is starting. The probability that Bitcoin will reach a new minimum in the current market cycle is only 5%. It should also be noted that Bitcoin halving is approaching - an event that will reduce the remuneration for the block is scheduled for May 2020. This will reduce the supply of Bitcoin in the market, and if demand remains unchanged or higher, the price should theoretically increase.
As for the cryptocurrency market as a whole, a number of analysts are inclined to think that a new cycle of the bull market is starting. This conclusion was obtained on the basis of studying the index developed by Fundstrat, which determines the mood of cryptocurrency investors. The index values can vary in the range from 0 to 100, while the higher the indicator - the more enthusiasm of the market participants. The Bitcoin accumulation phase (BTC) will last several more months, which will lead to the preservation of the upward dynamics of the movement of the coin. This opinion is expressed by many analysts and traders who compared the current situation on the cryptocurrency market with the situation on the trading floors in 2015.
Ethereum by this time fell by 2.86% - up to $ 169.9 with a capitalization of $ 18.1 billion. XRP per day weakened by 2.16% - to $ 0.317, its capitalization amounted to $ 13.4 billion. Litecoin fell in price by 5.85% - to 74 dollars, its capitalization reached 4.6 billion dollars.
The total capitalization of the crypto market was $ 183.4 billion. According to financial scouts, Bitcoin, which now runs counter to the rest of the cryptocurrencies, will soon also go down. In this case, it can fall in price to $ 5,550, Ethereum - to $ 167, XRP - to $ 0.3, and Litecoin - to $ 73.
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