Bitcoin (BTC) News – Can Bitcoin (BTC) market cap rise back above $ 100 billion today?

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In the recent downturn, Bitcoin (BTC) created a fresh 2018 low and the market cap of Bitcoin (BTC) went below $ 100 billion as well. It all went all the way up to $ 94 billion. Currently, it is around $ 97.5 billion after some recovery. The question which remains is whether Bitcoin (BTC) market cap is able to rise above $ 100 billion in the impulse today?

Can Bitcoin (BTC) market Cap rise back above $ 100 billion today itself?

When you look at the current impulse which the cryptocurrency markets are experiencing, you will realize that most of the mainstream cryptocurrencies are trading in the green. When you look at Bitcoin (BTC), it has recovered swiftly from the bottoms and is trading around 1.68% in the green. Similarly, when you look at Ethereum (ETH), it has recovered from the bottom and is trading around 1.6% in the green. The current market cap of Bitcoin is around $ 97.62 billion. The $ 100 billion market cap market is actually psychologically pretty important. It is only now after October 2017 that Bitcoin (BTC) market cap has breached those levels on the lower side. That is why many traders are not feeling confident enough to initiate any kind of positions.

In the current impulse, it seems like there are chances that Bitcoin (BTC) might rise, in terms of the market cap of $ 100 billion. If that happens, not only the dominance of Bitcoin (BTC) will increase but also most of the other cryptocurrencies and altcoins will rise higher as well. This will make it easier for the broad based cryptocurrency markets to recover. Still, however, this level is around 3% away. Considering the fact that we are only seeing impulse in the cryptocurrency markets in the last one hour, it is pretty difficult to predict whether this impulse will continue or not. If this impulse continues, then it is very easy for Bitcoin (BTC) to overcome the hurdle of $ 100 billion in market cap.

On the other hand, you need to understand that the recent downtrend has sent shock waves in the cryptocurrency market. This is because it is not like any other downtrend. In fact, most of the cryptocurrencies formed 2018 lows. This is the reason why many of the traders think that the bounce back will be easily sold into. If that happens, newer lows are on the cards as well. Since Bitcoin (BTC) has already breached the earlier 2018 lows, most of the traders are not sure what the newer bottoms will be. That is why the buying which is coming in is pretty limited.

While it might seem like the $ 100 billion market cap is just 3% away but the momentum which is needed to carry Bitcoin (BTC) over those levels is presently missing. This is one of the main reasons why it will not be that easy for Bitcoin (BTC) to cross those levels.

About Riddhi 224 Articles
I am an electronics engineer and follow the crypto space closely.

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