Bullish Reversal Continue: BTC Sells Above $4000 For First Time In 16 Days

The cryptocurrency markets continue to maintain the upward trend which began at the start of the week as Bitcoin breached $4000 for the first time since Dec 4. This new benchmark means that the top cryptocurrency has nearly added $900 to its price within the last 98 hours.

btc price

Btc daily price chart on tradingview

On the daily trading charts, BTC is seeing a 7.75% increase with a total market cap that is now above $71 billion (up by 20%+ since Monday) and a press time value of $4117.

Major Altcoins Respond To BTC Growth

As would always be the case, a bullish movement in the value of BTC results in an equivalent positive moment for top altcoins and the rest of the market.

Among the top ten cryptocurrencies by market cap, Bitcoin Cash is recording the most significant gains (40%), a growth that we cannot determine the exact reason behind it at the time of writing this report. The altcoin may simply be recovering from heavy losses in the aftermath of a tumultuous hardfork in November.

Ethereum (ETH) is another altcoin thriving with the bullish reversal as prices surged above $110, for the first time since the Dec 4 sell-off. With a 6.78% increase on the day, ETH market cap had climbed back above $11 billion

Other top altcoins Ripple (XRP), Litecoin (LTC), and Tron (TRX) are seeing gains within the 3% – 6% while another hardfork coin, Bitcoin SV is the second most significant gainer within the top ten with a value of $96 (12%).

The total market cap of all cryptocurrencies at press time was $134 billion with BTC dominance slightly declining to 54%.

 

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