Over the weekend, cryptocurrency market capitalization rose to its highest level since the end of February. The figure hit $273 billion on Sunday which is a three month high.
Bitcoin Closes a Strong Month
Bitcoin has been performing well, spiking above $9,700, but a pull back during Monday trading in Asia has dropped it back to around $9,550. Analysts have observed that May was a good month for BTC with an overall gain of 9% for the period according to Coinmarketcap.com. Josh Rager has eyed a higher resistance level to break for the uptrend to continue; However, it was pointed out that things are still technically in a bear market until there is a higher high above $10,500. One has not been made since 2017. For a true bull market to be recognized this resistance barrier must be broken for BTC to move out of its month-long range bound pattern.
Elsewhere on Crypto Markets
Ethereum has been dominating the weekend action with a 9% surge to reach $240. This is the highest price ETH has been at since early March. As previously reported by Finbold, Ethereum network metrics are constantly improving with new highs for active addresses, ERC-20 stablecoin issuance, gas usage, and balances on exchanges such as Binance recently being made. Prices are finally starting to react to the fundamentals and Ethereum has now topped $26 billion again in terms of market capitalization. Traders are eyeing resistance levels for a pullback soon, but prices could continue steadily higher as there is more accumulation in preparation for proof-of-stake. Most of the major high cap coins are retreating slightly at the moment following their weekend gains. Bitcoin Cash, BSV, Litecoin, Binance Coin and Cardano are down a couple of percent on the day. Still making solid progress is Chainlink which has spike 7% over the past 24 hours to reach $4.35. NEO is also on a roll at the moment with an 8% surge to reach $11.70. Other altcoins performing well at the time of writing include VeChain, Enjin Coin, Zilliqa and Holo.
