For the first time in 2020, cryptocurrency markets seem bullish as market cap reaches over $300 billion. As market cap claims new five months high, analysts believe that altcoin season has begun.
$17 Billion in a Week
Over the last weekend, whales have inserted almost $17 billion into cryptocurrency markets and the total market cap reaches the highest level since mid-February.
Bitcoin today touched the figure of $10,340 and then slightly pulled back. Currently, it is trading at $10,215 with a change of 3.39% in the past 24-hours. After tight trading over recent weeks, the top digital asset entered out of the non-volatile spell and started its journey above $10k in the last couple of days. Vijay Ayyar, head of business development at crypto exchange Luno, said while talking to CNBC:
“This doesn’t seem to have happened… What we have unfolding is potentially re-accumulation by big players, joined by smaller traders in an attempt to push BTC higher past 10K and more past 10.5K, which is the big resistance level, where BTC last put in a high.”
“We still haven’t broken the 10.5K level, if that happens, BTC is probably running to 15K. All signs point to that at this point,” he added.
Altcoins’s Bullish Rally
Overall, altcoins have performed well in the latest rally in the cryptocurrency markets. Ethereum is at the top of the list in witnessing significant bullish rally. Eth touched $330, the highest position since June 2019. As the price goes upward, miners’ fees have also increased by more than 60% in a month.
According to the data shared by Santiment, Eth touched the level of $300, 42nd time in the history of Ethereum. “It’s clear that #Ethereum is sitting in its ‘sweet spot’ where the most polarization has historically unfolded (between the $200 and $300 levels) during its five year history,” Santiment added.
“It’s clear that #Ethereum is sitting in its ‘sweet spot’ where the most polarization has historically unfolded (between the $200 and $300 levels) during its five year history.”