Bitcoin Price Reaches $ 5500, But Altcoin Growth Remains Moderate

Since yesterday evening, the bitcoin rate began to confidently move upward and during the morning jump, it managed to overcome the psychological mark of $ 5500. In general, there is a general upturn in the crypto market, but the majority of altcoins reacted with restraint to the upward movement. the leader.

Price of Bitcoin 2009-2020

Throughout the day the cryptocurrency market continued to gradually increase its capitalization and was able to add another $ 7 billion, and accumulated in total already $ 184 billion. The revival led to an increase in the activity of traders and an increase in trading volumes. The average daily turnover amounted to almost $ 50 billion. One of the reasons for the increased interest of investors in virtual currencies was the news that Amazon users will be able to pay for purchases cryptocurrency.

Bitcoin Price Reaches $ 5500, But Altcoin Growth Remains Moderate

Over the past 24 hours, Bitcoin (BTC) has gained 4.84% and is trading at $ 5,553 at the time of writing. So far, the market is trying to raise the price as high as possible and successfully resists attempts at an uncontrolled pullback. Although the trend is generally positive, since April 3 the rate has been moving in the $ 4900- $ 5500 corridor, so today’s break could be the starting point for the bulls’ run to the stable $ 6000 mark lost in November. However, this may take several months..

Bitcoin Price Reaches $ 5500, But Altcoin Growth Remains Moderate

If the breakout ends with an uncontrolled collapse and the value of MTC falls below $ 4,930, this may further strengthen the positions of the bears and delay the restoration of the autumn positions for a long time..

Although the crypto market as a whole has revived, most altcoins cannot boast of high growth rates. Ether (ETH) added only 2.72% and is now trading at $ 174.5, and ripple (XRP) even lost 0.14% over the past day and its price is $ 0.326.

Bitcoin Cash is one of the few coins whose growth rates have surpassed the leader’s level. BCH jumped 5.54% and now its price has reached $ 304.8. EOS is up 2.96% to trade at $ 5.34, while Litecoin (LTC) is up 2.85% to $ 78.27.

Recall that according to the mathematical calculations of John McAfee, the bitcoin rate will reach $ 1 million.

text: Ivan Malichenko, photo: Shutterstock, charts: CoinMarketCap

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