Altcoin Analysis: Bitcoin Overcame $6,000 on Bitfinex and $5,700 on Other Exchanges

May 3, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Bitcoin rate rose by more than 7% in the first half of the day on Friday and price surged above the level of $5,700, which allowed BTC to update a maximum of 2019.

Cryptocurrency capitalization again exceeded $100 billion, which corresponds to the level of November last year but is still much lower than the values ​​of earlier segments.

Credit: CoinMarketCap

The growth is observed despite the recent recognition of Tether’s lawyer that not all of USDT tokens have liquid collateral. A number of analysts, up to today’s rise, predicted the next upward movement, assuming that this is how the market can react to the negative news around Bitfinex and Tether and the short positions added on this background, but not excluding that the rise may be short-lived.

At Bitfinex itself, where over the past few days Bitcoin has exceeded the on other exchanges by several hundred dollars, the largest cryptocurrency has already been trading above $6,000. At the same time, the main pair on Bitfinex BTC/USD is only 50th in the general list by trading volume over the last 24 hours.

Credit: TradingView

On Thursday, the New York consulting firm Delphi Digital presented another report on the state of the Bitcoin market, where it repeated the ideas described by it in the December publication, according to which the minimum of the current cycle was left behind. The analysts build their conclusion on the basis of observing coins that have not been moved for more than a year and, presumably, belong to long-term cryptocurrency holders.

Delphi Digital claims that sales by such holders have been minimal in recent months.

“In fact, we are beginning to even observe a very slight upward movement in the positions of long-term holders, which corresponds to the trend, which marks the achievement of a minimum during the previous cycle,” they write.

Other large cryptocurrencies followed Bitcoin and scored 2–8% each.

Credit: Coin360

The segment’s capitalization together with it reached $186 billion, which also corresponds to the figure of November 15, 2018.

Author: Marko Vidrih