Is Bitcoin's success a road to $100K?
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.
Author
Alexander Kuptsikevich, a senior market analyst at FxPro, has been with the company since its foundation. From time to time, he gives commentaries on radio and television. He publishes in major economic and socio-political media.
