At the moment of writing this article, nays are turning to yays, speculators who branded the bull run as a “pump and dump” situation are now on a boat of skepticism. Yes, there’s a ball of excitement bouncing in the cryptocurrency community, and HODLers are interpreting it as Santa’s Christmas gift.
But whether the bears are from Santa or the Pumpers have a hand in this new development, it is still astonishing to see that majority of the top 100 cryptocurrencies have gone from flashing intense red lights to amassing as much as 84% in daily gains. What is even more surprising is the fact that most cryptocurrencies are breaking out of their nearest resistance levels; a milestone that would usually take days or weeks to attain considering that the market is only a few steps into recuperation.
Bitcoin might say “adios” to the $3000 in the next few hours
Earlier today, ZyCrypto reported on the impressive increase in trading price and volume of the big bull, at which time BTC was trading at $3763.71. With gains sitting at 6%, BTC had only just begun gathering enough momentum to make an upswing above the $3700, which has just happened, as the big bull now trades at $3896.90.
With gains swelling to 10.05% at press time, it may not take an hour before Bitcoin says hello to a new resistance level. As speculated in the last BTC market update, the BTC/USD trading pairs from Bitmex traders have hit $3 billion. More specifically, trading volume is currently totaling at $3.66 billion, an amount which complements the current market cap of $67.93 billion, one that was previously at $65.24 billion a while back.
80% in daily gains, Altcoins are not left behind
The bullish market is certainly not for BTC alone, in fact, compared to the likes of MonaCoin, whose daily gains of 82.76% is not only over six times higher than that of Bitcoin’s, but also topping the daily list of gains in the top 100 rankings by coinmarketcap, BTC is still far behind in the breakout galore.
Meanwhile, BCH which was also reported to be trading at $115 is now at the verge of swinging beyond its current trading price of $124.77 as it has now attained as much as 40% in gains.