In the last 24 hours, the market has rallied, recovering a couple of billions and breaking the recent stalemate. The surge, which began in the late hours of yesterday, began with altcoins with BTC seemingly reluctant to rally itself.
However, as more and more coins began rallying and the once which triggered the whole thing began to rack up substantial numbers and break key resistance positions, BTC joined the move.
Before the rally, the total market cap was struggling to reach $135 billion for nearly a week, now it is well above it and at the time of press is a little over $140 billion.
Predictably, BTC’s dominance has gone down. After ranging around 51% in the last couple of days, this has dropped to around 50.6%. As altcoins began to rally, most traders looked to take positions with them as they offer great returns. As we reported earlier, this was a potential issue that could cause major stalemate for BTC.
This, however, is a short-term issue if the rally persists and investors are convinced that the rally is long term. Then, they can be comfortable holding either altcoins or BTC without fearing that one is less secure than the other.
At the time of press, BTC is exchanging for $4,053. The crypto leader has rallied by a little over 3% in the last 24 hours. In the top ten cryptocurrencies, this is the average percentage gain.
Some coins like ETH are rallying as high as 6%, while XRP is still struggling to hit 3%. XLM after a slow start to the day yesterday, has also recorded some substantial gains today, up by more than 4%.
The next key target for BTC now is $4,200. Whenever the market has seen such a nice surge and BTC has been able to get above $4,000, the next key target has been $4,200. More often than not, the coin has hit this key level before encountering some strong resistance.
Analysts have repeatedly stated that BTC is stuck in the $3,700 to 4,200 price range and only if it can break the $4,200 resistance level can investors have a more long term bullish view. Is this the rally that sees it break $4,200? If it does not hit and indeed break the $4,200 resistance, it is almost undoubtedly going to drag right back below $4,000.