Altcoins scramble up after bitcoin on Monday morning
Overload at the weekend went to the benefit of the crypto-currency market – on Monday it began to grow during trading in Asia. According to CoinMarketCap, the total market volume has increased to $ 312 billion.
Earlier this volume was $ 283.5 billion, i.е. it grew by more than 10% in 8 hours.
The main star was, perhaps, bitcoin (BTC). Since yesterday, its price has increased by more than 7.5% and amounted to $ 8,308.99 per coin at the time of writing, increasing its capitalization to $ 140 billion.
This recovery occurs despite the absence of any noticeable positive catalyst and contrary to the forecasts of some analysts about the imminent large drop of bitcoin.
Bloomberg reports that Paul Day, technical analyst and head of the futures and options division of Market Securities Dubai Ltd, studied the past movements in the price of this cryptocurrency and believes that she has a “death cross” on the horizon.
A death cross is a warning signal in technical analysis, which refers to a situation where a 50-day moving average of the price of an asset falls below a 200-day moving average. When it forms, traders usually start a rush sale.
Paul Day believes that if the bitcoin has a deadly cross, he can collapse the price of this digital asset to $ 2,800, i.е. almost 66% of the current level.
What else is happening today in the crypto-currency space?
Not only bitcoin climbs up. Other cryptocurrencies that have gone up today are Ripple (XRP), Cardano (ADA) and Stellar Lumens (XLM).
Over the past 24 hours, these altcoins have added 10%, 12% and 18% of the price, respectively.
Traders froze in anticipation, hoping that the market will be able to maintain this gain during today’s trading in Europe and the US.