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?
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.
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.