Bitcoin Smashes Resistance and Reaches $5k

Smashes Resistance and Reaches $5k in $18 Billion Crypto Market Pump

Crypto surge to four month high; breaks resistance and hits $5,000, all cryptos pulled up.

Market Wrap

The moment we have waited for has arrived; Bitcoin has lifted off and smashed through resistance. Crypto are pumping at the moment as total market capitalization surges past $160 billion, led by the big daddy itself.

The move took less than an hour for BTC to break through $4,200 and surge in one almighty green candle up to and exceeding $5,000 according to charts on Trading View. This is a critical level as it has surpassed the 200 EMA which was sitting just below $4,700. A mini pullback occurred as expected and Bitcoin leveled out around $4,700 before lifting off for a second pump. Coinmarketcap reports BTC has being up 15% on the day trading at just under $4,800.

Bitcoin price, 1 hour chart. Tradingview.com

only managed to gain half of what Bitcoin did as 7% got added to ETH taking it just over $150. XRP moved by a similar amount as it reached $0.336 during the Asian trading crypto pump. Both of these crypto assets are weak in comparison to their brethren however.

The top ten is awash with big green figures following the surge an hour or so ago. The top two performers are EOS and Litecoin with gains of over 10 percent at the time of writing. Though all altcoins in the section, including stablecoins, are being pulled up as Bitcoin heads north.

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Lower cap coins in the top twenty are doing even better at the moment. Tron is leading them with a rise of over 11% as it chases ADA for that top ten position. Monero, IOTA and NEM have all gained in excess of 9% during the rally and Maker and NEO are not far behind. Following its week long lift, Tezos has pulled back and is the only in the red dropping over 6% on the day.

FOMO: Buggyra Coin Doubles

The entire market is under the influence of fomo at the moment but Buggyra Coin has recorded an epic 130% surge to enter the top one hundred. Nothing fundamentally appears to be driving the pump which will probably dump tomorrow.

ABBC Coin has also spiked again adding 30% on the day and Digitex Futures is up a similar amount. Dogecoin is also one of the top performers as it had a planned April Fool pump yesterday. It looks like only Tezos and Project Pai have not been invited to the party as they drop back slightly.

Total crypto market capitalization has surged around $17 billion in the past few hours to reach $162 billion. The 12 percent pump has been the result of Bitcoin’s epic move from $4,200 up to $5,000. Markets have reached their highest levels since late November’s dump and daily volume is over $43 billion. Happy Tuesday!

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Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

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