Despite this recent growth, Bitcoin has gradually seen its market dominance erode in the previous ten days after falling from 69.1percent down to just 66% at this time. The surging price of altcoins–coins which are not Bitcoin–have sucked up a few of the markets. However, the pie is bigger for everyone. The total crypto market cap has risen by $10 billion on the last day to its present value of $245 billion. You can track BTC, Etereum, Litcoin, Dash, Rippleand all of your favorite coins at our Coin Portal This is its greatest value since November too.BitcoinBreaking the cycleWhole crypto market cap breaks out of a major downtrendOver the last six months, the entire crypto market cap has been decreasing steadily within a channel. Today, the general market cap of cryptocurrencies has just broken from the current trend. This current bullish action has led some in the community to suspect another bull run, asserting that Bitcoin started reversing its course in December.In his daily market commentary today, eToro analyst Simon Peters said,”$9,000 BTC would be a test because it is seen as a key resistance level, both from a technical and psychological viewpoint. Such an increase would find the price challenge the current 200 day moving average, a powerful indication that Bitcoin is currently entering into bullish territory. However, there is always the chance of retracement if the community think Bitcoin is overbought.”
Analyst Peter Floyd said recently that Bitcoin may have broken out of its downward trend, moving into a new direction. “Has a new bull market began in Bitcoin?” However, warnings the Bitcoin graph may be forming a double-top pattern has put a spanner into the mixture. This is a chart pattern–indicating a drop may be on the cards. likewise, Bitcoin often sees bearish momentum in the leadup to Chinese New Year (January 25), and has seen serious losses before this date for the last five years running. However, the one thing consistent about Bitcoin is that it is unpredictable.