- Bitcoin finally breaks above $60k as Coinbase goes public
- The total cryptocurrency market capitalization surpassed $2 trillion
- Stellar was added as a payment option on the Revolut banking platform
Bitcoin again has seen some active volatility in its surge to the latest all time high of $61,000 as bullish sentiment gathered steam ahead of a listing by the largest U.S. cryptocurrency exchange Coinbase which will take place on 14th April. The coin spiked and broke above $60,000 however buyers failed to uphold momentum and price pulled back. Now it seems to be settling down around the $60,000 mark after that bout of volatility. The past week has seen a very good performance of altcoins, and Ethereum climbed to a new all-time high. The capitalization of all digital assets in circulation surpassed 2 trillion, while an average daily trading volume is registered at $146.2 billion. Bitcoin's market dominance decreased to 54.2%.
Total market capitalization hit a new historical high. Source: CoinMarketCap
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The recent Bitcoin price increases have been driven also by the news that the SEC started its review of WisdomTree’s bitcoin ETF application. WisdomTree first filed for this ETF last month, but has previously attempted to launch a regulated financial product with exposure to cryptocurrencies. The regulator's initial decision to approve, deny or further evaluate VanEck's proposal is expected to take place next month. Another bullish sign for the market came from BTC miners, who started accumulating coins once again. Also decision of an English Southampton Football Club to start receiving bonuses in BTC also supported market sentiment.
Long term holders have slowed the spending of old coins. Source: Glassnode On the other hand, the Kimchi Premium returned. Kimchi Premium is the spread between bitcoin's price on South Korean crypto exchanges and Western exchanges. The premium rose to 22% on Tuesday only to drop to 15% within a matter of hours on April 7after South Korean officials pledged action on illegal crypto market activities. Anyway Korean premium on bitcoin has historically been a local top signal and its reappearance is concerning.
BTC Korea premium index. Source: CryptoQuant
Bitcoin price surged over the weekend however buyers failed to uphold momentum and price pulled back towards local support at $59514. Should break lower occurs, then next support is located around the $56542 level and is strengthened by the lower limit of the ascending chanell and 200 SMA (red line). On the other hand, if buyers will manage to halt declines here, then another upward impulse towards all-time high at $61618 could be launched. Source: xStation5
Stellar added to Revolut as a payment option
Last week Stellar network’s validator nodes experienced an unexpected breakdown resulting in transaction disruptions. The Stellar Development Foundation (SDF) announced that "[a]round 1:00 am PDT, the Stellar Development Foundation’s validator nodes temporarily stopped validating transactions on the Stellar network. The SDF's public Horizon API instance is also temporarily down. However, the Stellar network is still online." However the issue was fixed after a few hours and SDF stated that the network itself was not affected and didn’t stop. On more positive note, investment company Grayscale increased its XLM holdings by purchasing 5.5 million tokens last week. Also the London-based payment platform Revolut announced last week the integration of 11 new tokens, including Stellar as payment options.
Grayscale XLM holdings chart. Source: BYBT.com
Stellar – yesterday buyers managed to break above major resistance at $0.6050 however sellers quickly regained control and price pulled back. Today bulls made another unsuccessful attempt to break higher. If current sentiment prevails, then nearest support lies at $0.5418. Source: xStation5
