Crypto Market Bounces Above $170 Billion Market Cap Resistance, Bitcoin Leads The Market Back To Green

The first of May came with a bang as the crypto markets smashed resistances after resistances. Overall, the crypto-board is bullishly green. The last few days have been slow and non-moving but the latest uptrend is decidedly bullish. If it is gonna last, though, remains to be seen.

 

The total market capitalization jumped to $175.2 Billion, an almost $5 Billion difference from yesterday’s $170.3 Billion and still showing some signs of moving forward on the upside direction to test the $176 Billion resistance. The trading volume is higher at $46.6 Billion, but only just. It looks like altcoins are now rejoining the market as the Bitcoin dominance slips a bit at 54.3% today and the Top 100 is gaining strength as we speak. Overall, there are many positive signs for the Top 25 coins including Bitcoin, Ethereum, EOS, Litecoin, XRP, ADA, BCH, XLM, BNB, TRX, XMR, and other altcoins.

 

Bitcoin is currently trading at $5382 with a 2.47% gain on the day after surpassing the $5300 hump that’s been bugging it for the past days. This is an important level to hold in order to strengthen its case for the upside. The next level to break is at $5500 and $56800. On the downside, Bitcoin has now strong support on the former resistance now turned support at $5300. Below this, $5100 is also a strong support. 

 

 

The Ethereum has been marginally positive during the past days, following Bitcoin’s likewise marginal movements. Today, it is back to trading at $$161.36, up from yesterday’s price at $158.65. It has gained 2.03% on the day. It’s market cap has jumped to $17 Billion and further upside to $165 and $170 may be possible in the medium-term. On the downside, the support is currently at $161 and slipping below could bring it down to the $151 level. Meanwhile, XRP is almost motionless as it slips further down in terms of market capitalization. Its been more than a month since the last positively bullish move for XRP and its market remains indecisive. It is currently trading at $0.304 with 1.24% gain.

 

 

The Top 10 is now back to the greens and reflecting Bitcoin’s ebullience. Most assets are at 1-3% gain with only Tether below 1% (which is a surprise given the news that Bitfinex has admitted to only backing 74% of its Tether holdings). Bitcoin Cash is the biggest gainer today as it is up by 11.01% and recently surpassed its barrier at $270. Litecoin follows with the price up by 4.66%. Stellar is grinding higher with a 4.11% gain to trade at $0.101.

 

In the Top 25, Cosmos is a surprise addition with a jump to the 15th spot on the market capitalization. It is trading at $4.31 with an 11.93% gain on the day. This asset has appeared (out of nowhere) to the tune of $821.6k market capitalization after a listing on Binance 2 days ago. A run at its social media channels did not reveal any other reason for its sudden jump. Other strong performers for the day is Tezos with a 7.37% gain on the day and almost recovering back to its former level before the big drop last Thursday. The rest are at 1-5% gain with Maker the only asset on the red with a minimal loss at -0.11%.

 

Down the Top 100, Ravencoin is flying again with a 16.59% gain on the day. Horizen follows with a 10.30% increase in its price. The rest are mostly positive and there’s are no double-digit dumps at the moment.

 

Happy International Labor’s Day!

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