Tuesday, August 20, 2019

Top 10 Cryptocurrencies Sees Gains As Market Cap Surges By $4 Billion

Perhaps the next bill run has started with the recent surge of the market cap of cryptocurrency within the last 24 hours and the rise in value seen in the top 10 Cryptocurrencies, with Cardano (ADA) seeing the highest gains.

Surge Of Crypto Market Cap

In the last 24 hours, the value of the crypto market cap surged with the influx of about $4 billion. In effect, this led to the surge of the value of most Cryptocurrencies, with the top ten Cryptos seeing green. Also, the total market cap reached $181 billion, and Bitcoin dominates the market cap with 52.7 percent.

The increase of the market cap caused the value of Bitcoin to surge beyond $5,300 above the $5,500 mark. The recent surge took the value of Bitcoin to its highest value since November 19, when a deep bear made it see lows.

Like Bitcoin surge, other cryptos such as EOS has seen some positive gains in the last 24 hours, increasing in price by 2.59%. Ethereum (ETH) is also up 2.37 percent. The best performer in the top 10 is Cardano (ADA), which is now up by 6.27% against USD, while its BTC price is even higher still.

Perhaps this is a signal of the bull run starting gradually or preparation for another deep bear before the next bull run starts. This has been a debate among crypto enthusiasts and traders in recent time.

Bullish or Bearish In the Near Term

A popular cryptoanalyst, Mahmudov changed his purview of the market that the market price of Bitcoin can only move higher from now henceforth. He made this known during the last weekend while speaking at on the Easter episode of the Understanding Bitcoin podcast hosted by veteran trader, Tone Vays.

Related Article:  Controversial Scientist Says Bitcoin is not a New Form of Money but a Commodity

The change of sentiment of Mahmudov is based on the recent performance of the crypto market which made him to state that there is a bull run in the near term.

However, some enthusiasts still think there is a bear run in the near term based on historical antecedents of the crypto market. One of such is Magic Poop Cannon, who stated in a recent trading view post that the Bitcoin is exhausted and is ready to see a large 15 to 20 percent pullback if historical trends hold any value.

Also, Joe is of the opinion the market could experience a drawback soon and Canfield, in his explanation on Bitcoin suggested that BTC will need to break and hold above $5,800 to confirm that the bear trend is over. If not a bear trend is imminent.

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