Altcoin News: Bitcoin Rate Reached $6,900, the Crypto Capitalization Exceeded $200 Billion

May 11, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

After taking the level of $6,000 this week, Bitcoin surpassed the expectations of traders who had calculated that the cryptocurrency could at least not return to lower values, and on Saturday morning set another record for the current year around $6,900, according to the data of CoinMarketCap.

At the time of publication, the largest cryptocurrency by market cap is trading above $6,780 and has a capitalization of $119 billion.

Participants in the crypto community could not but pay attention to today’s rise. For bears, this event was very painful. So, veteran trading Leah Wald lost 1 BTC since she takes a bet on Twitter with a user under the name fil₿fil₿ — on March 4, 2019, they made a bet, during which Wald bet that the Bitcoin exchange rate will drop to $1,500 before it rises above $6,500.

There were short positions in the wider market. However, their volume is still quite high.

On April 24, Bitcoin Core developer Jimmy Song found “the biggest evidence that the bear market is over” in the deviation of Bitcoin from the rest of the market, unable to repeat the movements of the largest cryptocurrency as it grows.

Today, Song’s observations found another confirmation when Bitcoin’s domination index exceeded 59% — the largest value since December 2017.

Vinny Lingham, the co-founder of the Civic crypto-project, said that the same trend in April will begin when bullish prices rise independently of other assets in the market, which will prepare the basis for the subsequent growth of the latter.

Recently, Lingham gave a straightforward prediction, according to which, “if Bitcoin can rise above $6,200 and stay there for 24–48 hours, this will be the official end of the bear market,” and he will become an “angry bull”. To the question of whether the subsequent hypothetical fall of Bitcoin should be considered the end of a short bullish trend, Lingham did not answer.

Commenting on today’s events, the founder of TRON, Justin Sun, tweeted:

“Never too late to buy. The best timing to buy $BTC, ten years ago or now.”

Many found Sun’s recommendation late, others wondered if they shouldn’t exchange TRX for BTC, and still others admitted that “someone is going to merge their positions into subscribers’ pockets ”.

The “index of greed and fear” among participants in the crypto-market has reached a value of 76, which corresponds to the description “extreme degree of greed”. Yesterday it was equal to 71, last week — 67, a month ago — 51, that is, it was “neutral.”

During the last hour, altcoins, however, began to overtake Bitcoin in the percentage of 24-hour rise, and some even surpassed it in terms of growth. For example, Ethereum grew by 10%, Litecoin — by 15%.

Capitalization of the segment on this background exceeded $200 billion — another record since November 2018.

Author: Marko Vidrih

Images, charts credit: CoinMarketCap, Coin360