Bitcoin has increased almost 8% over the past few days and altcoins are also surging as the market took a bullish turn. Bitcoin’s price dropped to $3,359 on Thursday, but rose to $3,623.73 over the weekend as daily transaction volume continues to steadily grow. The indicator has almost reached the levels that BTC had in January 2018, when the cryptocurrency was at the peak of its rise to prominence. The star performer this week was Litecoin, while the likes of Ripple and Ethereum also saw significant gains.
The total market cap for cryptos hit $122 billion, a strong recovery from $111 billion in the space of a few days. It has since settled down to $121 billion, but bulls will be pleased by the market’s performance. Litecoin has led the charge. It fell below the psychological $30 mark last month after it was dragged down by bearish conditions for the sector. But it has now overtaken Bitcoin Cash and Ethereum to become the second biggest cryptocurrency by market cap, having increased by an impressive 34% this week.
It has now hit the $44.20 mark, its highest price since November 2018, before the so-called crypto winter ravaged the overall sector. It comes after news of it fully integrating a solution called Mimblewimble, which should improve Litecoin’s scalability and its privacy. It is now around $260 million ahead of the third largest cryptocurrency, Ethereum, when it comes to market capitalization. ETH has also significantly increased over the past few days though, going from $103 on Thursday to $118 at the weekend. Binance Coin and Maker have also recorded major gains.
The sector gained a shot in the arm this week when H&M Distributors became the latest retailer to accept Bitcoin. “Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before,” said Herb Needham, chief executive at the speciality lighting retailer, which is not to be confused with the Swedish apparel retailer. “What sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.”
Lower mortgage rates could also fuel the next Bitcoin bull run, according to some analysts. It is expected to increase the money available to invest in cryptocurrencies, while markets should be stronger. Yet there is uncertainty about whether Bitcoin can break into the mid-$4,000 region any time soon, leaving traders to anticipate sideways movement for the largest cryptocurrency. “Maybe the low is in and it’s an uptrend from here to ATH,” said prominent analyst Mayne. Maybe we form a range and go sideways. If you are worried about missing the next bull run because of today, chill. The goal is to catch the majority of the move, few will buy at or near the low and hold to ATH.”
Other traders are feeling confident, and many say that Bitcoin will be unlikely to drop by any substantial margin in the weeks ahead. Trade Hsaka said it would not pay to short Bitcoin at $3,300. “Wouldn’t short this right now: sitting at daily support, consolidation (3340 -3480) lows taken, beginning to round of,” it said. “If we do pump, interested to see how price reacts to the 3440-3450 zone.”
That could spell good news for sports bettors that like to take advantage of Bitcoin’s lack of transaction fees, its speed and its anonymity when wagering online. They will not have to worry so much about margins being battered by a sharp decline in Bitcoin’s price, meaning they should be able to relax as they wager with Bitcoin on big sporting events over the next few weeks.