Cryptomarket continues its climb

April 8, 2019   Bitcoin

Cryptocurrency assets declined slightly after rising during the week. The price of Bitcoin fell to the level of $ 5,100, the price of Ethereum dropped to around 167, and XRP to the level of $ 0.3560. A slight correction of cryptocurrency after a sharp rise in the beginning of last week allows us to hope for the further development of a full-fledged uptrend. The price of Bitcoin has fixed above the key level of 5000 and can now test the following resistance at around $ 5300. The growth of cryptocurrency can contribute to the return of fiat money to the digital asset market, after a significant outflow in the spring of 2018. The increase in the volume of fiat money will lead to an increase in trading volumes and to the further strengthening of the price of cryptocurrency. Thus, in conditions of a relatively small market, even a slight increase in the price can cause the development of a long-term trend.

The major cryptocurrencies on Monday mainly continue their rather active growth, which began last week amid positive news. At the same time, Ethereum shows the best dynamics, which, according to Libertex, at 10.00 per day has risen in price by 8.14% to 181.9 dollars with a capitalization of 19.1 billion dollars. Purchases in this cryptocurrency are related to the news about the upcoming hard fork in the Ethereum Classic network called Atlantis.

The rise in Bitcoin prices has caused a surge in interest in cryptocurrency-based derivatives. According to the Chicago Mercantile Exchange, since the beginning of April, trading volume in futures on Bitcoin has grown by 950%. April 4, trading volume was 22,500 contracts, compared with 2000 on April 1. The size of one futures contract on the Chicago Stock Exchange is 5 Bitcoin, that is, the volume of trading in cash equivalent exceeded $ 500 million.

At the same time, Bitcoin rose in price by 3.07% to 5278 dollars, its capitalization amounted to 92.9 billion dollars. XRP went up by 0.56% - to $ 0.358 with a capitalization of $ 15 billion. Additional support for this digital currency is provided by Ripple’s management statement that XRP can exist on its own, without participation from the company. The exception on Monday is Litecoin, which fell by 3.23% - to 89.7 dollars, its capitalization amounted to 5.5 billion dollars.

The total capitalization of the crypto market has reached 183.2 billion dollars. According to financial scouts, in the near future, cryptocurrencies will mainly continue their upward movement. So, Bitcoin can rise in price to the levels of 5130, 5150 and 5180 dollars, Ethereum - up to 185 dollars, XRP - up to 0.37 dollars, and Litecoin - adjust up to 92 dollars.

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