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04.05.2018 Friday market analysis and round-up

04.05.2018 Friday market analysis and round-up

Digest

Pushing $10k once again, it’s a key point for crypto – and possibly the start of something truly special.

Interest is returning to the crypto markets. Bitcoin has risen significantly over the last two weeks and there are signs that the long-awaited alts season has begun.

We always knew it would take more than one attempt to push through the $10,000 mark – a psychological barrier as well as the current level of the 200 MA. Yesterday traders bought the price up towards the critical zone for the second time – the first being on Tuesday, when BTC topped out at $9,755 (Bitstamp). This time it hit $9,800, a higher high. There’s certainly resistance here, but it won’t hold forever.

Money is pouring back into the alts markets too, with many coins posting very significant gains. Looking at the overall crypto market cap charts (https://coinmarketcap.com/charts/), it’s clear that since mid-April, fresh fiat has been coming into the crypto world: this isn’t the same money being recycled between BTC and alts as traders seek to make profits in a bear market. Both are seeing gains.

That’s very encouraging, and if it continues we are likely to see some significant appreciation across the board. There is no immediate reason to think that won’t be the case, which would make this the beginning of the next rally. The summer is set to be hot.

Meanwhile, Venezuela has certified 16 crypto exchanges as part of its efforts to secure liquidity for the Petro which, President Nicolas Maduro claims, has raised $3 billion at pre-ICO. The Petro will either become a major international crypto resource, or blockchain’s largest scam of all time. You can read more about the Petro at https://news.bitcoin.com/venezuela-certifies-cryptocurrency-exchanges/

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