Bitcoin resumed its growth despite overbought
After Saturday’s failed attempt to storm the $ 5,200 level, Bitcoin came close to him on Sunday and confidently overcame it tonight. The cryptocurrency market also continues to increase capitalization and the majority of altcoins are gradually gaining height.
Last week's impulse continues to stimulate cryptoblocks, because over the past seven days its total capitalization has increased by $ 39 billion. Although daily trading volumes have declined slightly, investor activity is increasing, which maintains a positive trend. Market recovery has also affected the popularity of derivatives. CME Group reported that on April 4, a record volume of bitcoin futures was recorded, 22.5 thousand contracts, which is equivalent to 112.5 thousand BTC.
Cryptographic chart
Over the past day, the Bitcoin (BTC) rate has grown by 2.68% and at the time of this writing, the coin is trading at $ 5,287. The growing interest in cryptocurrency is indicated by the fact that the increase in value continues, despite the high overbought level of the asset, which actually reached the record level of December 2017. Therefore, Bloomberg analysts believe that the continued onslaught of bulls can lead to a weakening of stability and a subsequent recession, because there are always a lot of people who want to sell the PTS.
However, according to Thomas Lee, co-founder of Fundstrat Global Advisors, since Bitcoin overcame the 200-day moving average, the market mood is already changing and it is entering the bullish phase, which should stimulate further growth and discourage uncontrolled correction. For 24 hours, the best performance was demonstrated by the rate of aether (ETH), which rose to $ 182.55 or 8.4%, continuing to increase the gap from ripl (XRP), which during this time added 0.32% and is trading at $ 0.36. The price of lightcoin (LTC) fell by 4.9% to $ 89.4, but even with this in mind, its weekly increase is 271%, although now it has gone down to 5th position in the capitalization rating.
It was overtaken by another of the growth leaders of the last week - Bitcoin cash (BCH), which added 1.45% over the day and is now trading at $ 315.4. EOS and stilar (XLM) added 1.22% and 5.7% respectively, and the course of Cardan (ADA) fell by 0.55%.
Earlier, the head of Coinbase called three problems of cryptocurrency that impede their global use, one of which is the volatility that frightens away traditional investors.
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