BTC Holds Above $5,000, Traditional Markets See Mixed Signals
Tuesday, April 9 — As major cryptocurrencies are trading sideways, Bitcoin (BTC) is holding above the $5,200 mark despite a minor decline in price. Meanwhile, traditional markets are down as United States president Donald Trump has threatened to impose $11 billion in duties on European goods.
Market visualization from Coin360
BTC is trading sideways over $5,200 after breaking the $5,300 mark yesterday. Mati Greenspan, senior market analyst at eToro, told Cointelegraph that the world’s top coin is now testing a new resistance line:
“We’re now testing a new resistance line exactly at $5,350 […] And notice we are trading well above the 200-day moving average. This was an indicator we were watching very closely as a kind of sign whether we are in a bull or a bear market.”
According to the stats provided by CoinMarketCap, BTC has been steadily growing since April 2 — the day when the crypto markets started showing the first significant signs of recovery in 2019. As of press time, the market capitalization of BTC is over $91 billion, which is almost $20 billion more than it was before the surge.
Bitcoin 7-day price chart. Source: CoinMarketCap
Ethereum (ETH), currently the world’s second-largest cryptocurrency, has been up 1% at the press time, trading around $177 — a slight decline in comparison to yesterday, when it sawthe biggest gains among altcoins.
Ethereum 24-hour price chart. Source: CoinMarketCap
Meanwhile, third-top altcoin Ripple (XRP) is trading sideways around $0.35, in the green at the press time. Its gap with the ETH market cap has increased, as XRP now has $14.7 billion in market cap in comparison to its competitor’s $18.8 billion.
Ripple 24-hour price chart. Source: CoinMarketCap
The total market capitalization of all cryptocurrencies is hovering around $180 billion, while daily trading volume is at $55.2 billion.
24-hour total market capitalization chart. Source: CoinMarketCap
As Cointelegraph earlier reported, the company’s CEO, Justin Sun, first hinted about a possible partnership with Ethereum this weekend; later, Tron revealed the key phases for its DApp chain Sun Network’s deployment.
As for the industry news, a recent report from weekly crypto outlet Diar has shown that the trading of institutional BTC investment products have seen growth for the fourth month running. Many crypto insiders believe that institutional interest is key for the industry to evolve.
In the meantime, Canada’s major cryptocurrency exchange, QuadrigaCX, has been officially declared bankrupt. The decision, approved by the Nova Scotia Supreme Court, marks a new chapter in the legal process of restoring funds that were lost following the unexpected death of the co-founder.
Meanwhile, in Chinese news today, the country’s National Development and Reform Commission is reportedly considering completely eliminating crypto mining in the country.
The United States stock market is seeing mixed signals at the press time, with the Dow Jones Industrial Average (DJIA) down 0.32%. At the same time, the S&P 500 (SPX) and Nasdaq(NASDAQ) Composite are up 0.1 and 0.19%, respectively.
According to Bloomberg, European shares gained and U.S. equity futures pared losses amid Trump’s threat to impose new trading tariffs on EU goods, ranging from aircraft parts to wine. The move comes as part of the U.S. administration’s response to the WTO’s decision on supporting Airbus in dispute with Boeing.
Oil prices are still holding at a five-month high. According to Reuters, the prices are supported by a concern that violence in Libya could further tighten the supply. As per data provided by Oilprice.com, Brent crude is trading over $71 a barrel, which is the highest price since November 2018. Meanwhile, West Texas Intermediate (WTI) crude oil is at $64.4 as of press time.
By Ana Berman