Given Bitcoin’s back and forth attempt to breach the resistance levels between $8250 and $8300 in recent weeks, it was no longer a matter of “if” but when the dominant cryptocurrency will storm past that critical point. Analysts predicted a steep decline if the market failed to break the resistance after asking for several times.
Well, a parabolic movement this weekend has seen Bitcoin surpass that key resistance and set a new all-time high for this year. At press time, Bitcoin’s exchange value of $8600 means the leading cryptocurrency is now gaining over 120% on the YTD-chart, roughly one year before the long-awaited rewards halving.
As you can see from the chart below, Bitcoin had reached as high as $8793 and was only a few figures shy of crossing $8800.
Talks of a new resistance level building around this region may be a little too early with Asian markets still waking up to the move and the U.S expected to make an entry at least in 12+hours.
Bitcoin (BTC) Market Cap — $151.6
Bitcoin Dominance — 57.4%
Bitcoin’s sudden rise in the hours leading up to press time has had a good effect on Ether (ETH) as well as other coins. On the 24-hour chart, Ether has gained over 5% with a press time value of $265 equaling the same value at which it started the just concluded week.
Gains for other cryptocurrencies in the top ten fall between 4%-7%, except for Binance Coin (BNB) that is surprisingly less than 1% down on the day.
Total Market Cap of all cryptocurrencies (CMC)— $264.1 billion