A major crypto market reversal is underway, with several coins in the top 100 by market capitalization up over 40%. Bitcoin is up 21% at $6,285, Ethereum is up 21% at $137.45, and XRP is up 16% at $0.1643.
Meanwhile, outside of the top 10 coins by market cap, Steem is up 75%, Komodo is up 65%, Status is up 48% and Enjin Coin is up 45%, according to data compiled by CoinMarketCap.
Iota, Bitcoin SV and Dash are leading the charge among the top 25 cryptocurrencies, up 36%, 33% and 25% respectively.
The market’s recent performance suggests a decoupling from the S&P 500 and the Dow which are posting modest gains at time of writing, up 1.78% and 1.83% respectively.
Crypto analysts are trying to call Bitcoin’s next level of resistance after relative sideways trading between $5,000 and $5,300 following last week’s capitulation and plunge to $4,106.
Satoshi Flipper tells his 46,100 followers on Twitter the key is whether BTC can now close above $5,800.
“This level (5800) that $BTC is trying to flip is arguably one of the most significant.
If we flip it, we’re not just dumping right below. The price action I’m betting will continue. So breaking this level IMO is very important for the bullish case.”
Analyst Alex Krüger is sharing his short-term and long-term outlook, with Bitcoin’s steady uptrend still months away.
“1-2 month views:
-Equities lower
-Equity volatility lower
-Bitcoin lower (assuming remains risk-on)
-Crude oil lower
6 months views:
-Equities higher
-Equity volatility lower
-Gold higher
12 months views:
-Equities higher
-Equity volatility lower
-Gold higher
-Bitcoin higher”
In the short term, analyst Joseph Young doubts Bitcoin can maintain a surge.
Meanwhile, the US dollar surged to a record high on Thursday against the Mexican peso and rose against the Japanese yen, with the leading stablecoins falling below $1.00.
Tether is down 1.5% at $.974, USD Coin is down 1.59% at $.969, Paxos Standard is down 1.88% at $.968, Binance USD is down 1.81% at $.967 and TrueUSD is down 1.97% at $.967.
Featured Image: Shutterstock/asharkyu
