Bitcoin is over $3900 globally, though many exchanges still have it trading closer to $3850. Ethereum’s broken beyond $140, might take $150 before the day is through. Bitcoin Cash is right behind it. It’s green everywhere you look. Even Bitcoin SV is on the rebound, resting at $68 after $155 million in trades.
Of the top 100 cryptocurrencies, only 4 were showing a negative 24-hour change. One was Paxos Standard. We should expect a high amount of conversions to be going on with stablecoins today, a lot of turbulence in the market capitalization, as people get their money into various cryptos on the ride up.
The other three were something called Aurora, Power Ledger, and and Ark. Collectively they had less than $50 million in 24-hour volume, and Ark was the only big loser, dropping 14%. This likely has to do with people cashing out for Bitcoin or Ethereum, trying to catch the wave. They might come back when prices stabilize or begin to drop, or they might not. We’re only noting these four cryptos because they stand out as the day’s losers.
Let’s take a selection from the cream of the crop.
Bitcoin had almost $10 billion in volume. If you recall, we were expecting a breakout again, although perhaps not so soon. Bulls woke up itchy Monday morning. The momentum started late last night, US time.
Between Bitcoin, Bitcoin Cash, and Bitcoin SV, a little over $10 billion changed hands.
Bitcoin Cash gained the most by percentage, with Bitcoin SV in second place, as you can see.
Will Bitcoin test $4,000? If it does, will BSV break out and re-test $100? It’s hard to say from here, with $150 to go. People have had a couple months of opportunity to buy well beneath this level, so a dump frenzy could happen, which could bring the shyness back out in the bulls. We’ll see where we are tomorrow.
If the level holds for a few days, then we can expect it to hold for a few more, probably, and either repeat or do the opposite. There’s a rubber band effect in the Bitcoin market. Often big drops are followed by bigger rises, and vice versa.
Ethereum stood on Bitcoin’s shoulders and reached a bit higher.
It’s clear that Ether traders want to test $150 soon. What’s unclear is if there’s enough momentum for that. Again, we’ll have to check back tomorrow, or later tonight. The timing of this run indicates that it was probably happening on Asian Monday morning, which is western Sunday evening.
Litecoin is charting beautifully under Bitcoin, with a slightly higher gain in percentage due to its lower value. It did over $1.3 billion in volume in the past twenty-four hours. The $1 billion daily trading volume may be here to stay for Litecoin.
What Litecoin needs next is a gain independent of Bitcoin.
Binance stumbled on the way up, but it looks like it has room to grow. The token is used to get a discount in fees on Binance, and has been the #10 cryptocurrency, despite having no other realistic purpose, for a couple weeks.
As you can see, we added the BNB/BTC indicator on the Bitcoin chart, to see how attached to the Bitcoin price momentum that BNB is.
Effectively, it’s one of the most valuable utility tokens in history. We wonder what will happen in the future if Binance becomes a less popular exchange. Recently its volume was usurped for the first time in forever. Binance is ahead of the game, though, building its own decentralized exchanges and doing its best to remain cutting edge.
Last modified: May 20, 2020 12:41 PM UTC