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Cryptocurrency markets back to bullish after weekend rally

Cryptocurrency markets back to bullish after weekend rally
Martin
Young
Updated: 27 Feb, 2021
3 mins read

Sentiment on cryptocurrency markets has turned bullish again following a weekend rally which added over $15 billion back into the space.

According to Tradingview.com, total market capitalization climbed from a low of $250 billion on Saturday morning to top out at around $268 billion by Monday morning in Asia.

Markets have now recovered all losses since the pre-halving crash which wiped out over $40 billion in a matter of hours.

Total market capitalization – Tradingview.com

Bitcoin Closing on Five Figures

Bitcoin has been in the driving seat as usual as it inches ever closer to that psychological five-figure barrier once again. By Monday morning, BTC prices had reached an intraday high of $9,960 before pulling back slightly. It is currently poised to take $10k once again if the current momentum can continue.

The weekly candle had closed green again which indicates a continuation of the longer-term uptrend. However, Bitcoin must make a new higher high above its previous of $10,500 for this to be confirmed.

Analyst Josh Rager has also commented on that weekly close, which did end up closing above that target leading to further gains in the Asian trading session.

The coming week will be crucial for BTC and its brethren as failure to break previous highs could result in everything crashing back down again. The Bitcoin bulls must keep up their momentum.

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Elsewhere on Cryptocurrency Markets

Ethereum has also been performing well over the weekend with a gain of almost 10% since its Saturday morning low of $195. ETH prices at the time of writing were a touch below $215 and looking bullish.

The world’s second largest crypto asset is now trading higher than it was before the pre-halving pullback. Since this time last month, ETH has made 24% but it is still a long way down from last year’s high.

Also performing well at the moment are Bitcoin’s two siblings, Bitcoin Cash and SV. Both have made around 6-7% on the day as they follow their big brother’s lead.

Litecoin, Cardano, HedgeTrade, and Zcash are all getting a good gain of over 5% on the day. Those with sluggish performance include XRP, LEO, Tron and Dash.

There is now so much Tether out there that the Ripple token is in danger of losing out third spot to the stablecoin as its market capitalization approaches $9 billion.

Tether printers have been working overtime this year with a 115% surge in USDT supply from $4.1 billion to $8.8 billion according to Coinmarketcap.com.

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Martin Young
Author

Martin has been writing on cyber security and infotech for two decades. He has previous trading experience and has been covering the blockchain and crypto industry since 2017. He has previously contributed to Asia Times, Cointelegraph, NewsBTC, Bitcoinist, Cryptoinsider, Beincrypto, and Micky.

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