On the first anniversary of Bitcoin (BTC) hitting $20,000 (for the first time?), the crypto market as a whole has posted a stellar performance, which comes after weeks of dismal price action and lower lows. At the time of writing, as per data compiled by Live Coin Watch, the collective valuation of all cryptocurrencies in circulation is currently $115.57 billion, a $12 billion increase since Ethereum World News’ previous market update published on Sunday.
This strong move, which has put BTC above $3,500, a supposed level of resistance, put altcoins into an isolated bull run, causing Bitcoin market dominance to fall to 53.98%, from 54.92% yesterday. Interestingly, while there were no explicit catalysts to back this apparent reversal, volumes remained strong. 24-hour volumes currently amount to $8.81 billion (adjusted), a far cry from the $5.5 billion posted on Sunday.
As is a common sight in 2018’s market tumult, today’s move seemingly came straight out of left field. BTC began Monday in the $3,200 range, barely up from the day prior. But after a multi-hour lull, BTC began to pop, moving from $3,220 to $3,380 in an hour’s time. Some traders have speculated that Wall Street and other bigwig buyers are looking to secure BTC holdings before the holiday season and 2019. After hitting $3,380, BTC began to slowly scale upwards, moving to $3,420 by noon (PST). In a run-off of the earlier spike, the prominent asset experienced another $120+ candle to the upside, quickly reaching a daily high of $3,540.
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