What a week last week was for the market and some of the larger caps like Cardano, which added 44% offered up some fantastic trading opportunities. Many smaller cap coins also moved very well with some huge numbers posted. It appears that the market woke up.
But, where to from here?
With the halving now out of the way Bitcoin still seems to be struggling to put on any serious gains and although last week saw an increase of 8.45% it has, for the most part, been lagging some of its counterparts and is stuck in a bit of sideways consolidation. We really need to see Bitcoin above $10,000 to get the media back and new money flowing in. So, the question for bitcoin is how can the current market players get us above $10,000 to get the media chirping and the new money in? The answer may come from the recent moves in alt markets.
Cardano is hands down the biggest gainer in the high market cap tokens and while it put on 44% against the USD last week it also has added an impressive 50% against Bitcoin in 2 weeks. People trading the Cardano bitcoin cross will be taking profits back to Bitcoin when they do.
Due to the relative size of Cardano market cap wise with a 1.9 billion token value, the recent move higher is a lot of money to potentially flow back to Bitcoin.
Another example is Ethereum over the same 2 week period which has put on an impressive 14.85% against Bitcoin. Ethereum is the second-highest by market cap behind bitcoin with $25 billion to its name which is another large amount of money if profits were to be taken and put into Bitcoin.
So, here we have 2 of the big market cap players both having added impressive gains against Bitcoin recently. These moves will account for a large portion of the possible money flow back to Bitcoin because within the top-10 market cap cryptocurrencies they account for 87% of the entire market capitalization of the cryptocurrency market. Of the top-10 Bitcoin still is the largest by a long shot and accounts for 74% of the top-10 market capitalization and 65% of the entire market capitalization of the cryptocurrency space.
There have been several far larger moves against Bitcoin recently like ASTBTC up 192% over the last 2-weeks and BNTBTC which is up 207% over 3-weeks. I have not factored these in as highly despite the size of the moves as the market cap is far lower than Ethereum and Cardano.
So, it seems the cryptocurrency market is moving and moving well in many cases. Bitcoin is the headline grabber, you won’t see anything in the news about the recent move of Cardano. Bitcoin needs to break above $10,000 for the media to come back to it and with the rest of the market moving well of late, profit-taking back to Bitcoin could just get us there.
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