The past days have been a real shock for Bitcoin. Its price fell by 20% but has already rebounded and is consolidating above $50,000. It was the largest drop on an hourly timeframe in the history of Bitcoin.
Such a sharp drop resulted in massive liquidations of long traders. During these 24 hours, positions worth $5.5 billion were liquidated and this became an absolute record for the crypto market in the entire history of observations. For many traders, this day was one of the worst as they caught margin calls and lost their funds.
We predicted all this last week and warned you about such a development of events. Let’s take a look at the Bitcoin chart to see what to expect next:
Bitcoin made the community happy again yesterday, as it increased by 10% and set a new ATH at $56,609. Such a strong movement allowed Bitcoin to make another significant event — its capitalization exceeded $1 trillion for the first time.
As we said, Bitcoin went up to $54,000 and even higher. At the same time, an interesting fact is that this did not entail an increase in volumes — it increased by only $4 billion per day and continues to remain low when compared with this year’s indicators.
Let’s take a look at the chart for Bitcoin and Ethereum:
Yesterday, Bitcoin continued to fluctuate in the range of $51,000 — $52,500, so a decrease in its price by 1% per day can be ignored. Trading volumes dropped significantly and amounted to $50 billion per day. At the same time, a few days ago this value was 2.5 times higher. Volatility has significantly decreased and is about 3%.
One gets the feeling that the market is full of anticipation as if traders and investors were not ready for this turn of events. This is a rather fragile situation in which any news can significantly stir up the market.
Let’s see what to do in this situation.
Today we continue to talk about our experiment with rebalancing a portfolio from the Top-5 cryptocurrencies. In the last 2 weeks, our portfolio has grown at an incredible rate, and its value has increased by 40% during this time.
Let’s see if the positive trend has been maintained this week:
Yesterday Bitcoin set a new high at $50,689, but sellers quickly brought the price back below $50,000. More importantly, the market reacted weakly because trading volumes fell.
At the same time, the Bitcoin price closed above $49,000 on the daily timeframe yesterday. In previous reviews, we said that this is a bullish signal for Bitcoin, so we continue to expect a breakdown of this level and rise to $54,000.
But for altcoins, the last day was extremely unfortunate, most of them lost about 10% in value. Let’s take a look at some of them.
Bitcoin quickly jumped after falling on Sunday and rallied 5%. Moreover, the price has already set the new ATH at around $49,998. There is very little left before Bitcoin reaches the psychological level.
The rest of the market also showed solid growth. Many altcoins have almost completely won back their fall and are preparing for a new round of growth. Will they be able to conquer new peaks or will Bitcoin not let them do it? Let’s figure it out.
Despite the market drop on Sunday, the past week has been successful for the entire cryptocurrency market. Bitcoin almost reached $50,000. Altcoins continued to skyrocket and set new all-time highs.
The most striking example was Binance Coin (BNB), the price of which increased by 100% in a week to reach $150 per coin. Especially interesting is the fact that at the time of release in ICO, this coin cost $0.1. It turns out that in just 3.5 years the coin has grown 1,500 times.
But the most notable event that affected the entire market was the report of the … Click here to learn more
Yesterday, the Bitcoin price increased by 5% and even set a new ATH at $49,000. Following Bitcoin, altcoins began to grow, which means that the altcoin season is not over yet.
Market growth is fueling many rumors about the purchase of Bitcoin by large companies such as Apple. In addition, Mastercard announced yesterday that it will introduce cryptocurrencies into its services, which triggered a new wave of Bitcoin’s popularity. And also yesterday Elon Musk posted a picture encouraging people to buy cryptocurrency.
All of this had a strong impact on the market and we saw significant growth. Let’s see if this will continue further.
Today we continue to talk about our experiment with rebalancing a portfolio from the Top-5 cryptocurrencies. Last week, our portfolio broke off a 3-week decline and grew by 20% at once. Let’s see if we managed to hold positions in our portfolio:
Bitcoin price movement stopped yesterday and almost set a new all-time high at $48,142. Trading volume decreased slightly but remains high — $90 billion over the past day.
The lull in the Bitcoin market allowed many altcoins to show significant growth by tens of percent. BNB stood out the most, with a price increase of 54% to $125. But Ethereum showed an increase of only 4%.
Let’s take a look at the Bitcoin chart and assume where it is headed in the near future, as well as set goals for Ethereum.