The Bitcoin and the crypto market rides the bullish trend after the consolidation it experienced in the past few weeks. The bullish trend also pushed the market cap higher, above the $180 billion mark. It is only a matter of time before the market follows the pace set by the bitcoin
Bitcoin Pace the Crypto Market With Its Growth
The bullish trend saw an increase in the Bitcoin’s value. The Bitcoin went up to an intra day high of $5550. However, the strong resistance at the $5600 mark could stall the bullish trend. The bitcoin seems to have recovered nicely from week lows that put the coin as low as $5150 within the week.
Analysts remain skeptical of any sustainable rise as long as it trades below recent highs at the $5600 mark. They see the the bullish trend as more of a neutral stance as long as it trades within range.
Bitcoin Following Parallel Activity from Previous Years
Aside from the recent strength and the bullish trend, the Bitcoin is also exhibiting an interesting movement. The popular analyst of crypto currencies, @filbfilb had noticed and eerily similar movement of the coin that seems to be moving parallel to the 2017 movement. If the similarities continue, we could be up for an interesting development some time in December.
In the meantime, investors will have to wait and see if more consolidation occurs before any upward movement can be seen.
The Ethereum Starting to Reverse The Bullish Trend
The Ethereum does not always correlate with the Bitcoin but it is starting to reverse from its recent losses to follow the same direction as the Bitcoin The losses came despite positive events surrounding the Crypto coin. The Ethereum went up slightly higher to reach $164.
Cosmos ATOM Outpaces Major Coins
The Cosmos blockchain coin ATOM was a major part of the bullish trend. It rode positive news of its addition into the Binance exchange, causing trading volumes to swell up to $86.5 million for the day’s trading. The additional attention to the Cosmos pushed trading to $4.57 price for the day and pushed the market cap $871.33.