The price of BTC has rocketed by about 70% in the past five weeks amid a muted background for the S&P 500, which has only gained a few percentage points over the same time frame.
This past week, the world’s leading cryptocurrency extended its rally above the $17,500 and $18,000 resistance levels. BTCUSD even cleared $18,500 and formed a new multi-month high at $18,853.
This exceptional price action that has greatly favored buyers is attracting a lot of attention from Wall Street, while retail interest in BTC has also skyrocketed.
As of this article’s writing, the king coin is experiencing an intense bout of sideways trading just below $19K.
BTCUSD Chart By TradingView
The bulls are trying to garner enough buy-side pressure to push the world’s first-ever cryptocurrency past the heavy resistance near $19K. A strong break above this crucial level could catapult the BTC price to fresh all-time highs.
The lower-$19,000 region stands as the last resistance before $20K, after which Bitcoin could rocket to the moon fuelled by the ensuing media cycle and retail FOMO.
Bitcoin’s Market Cap Is Surging Higher
The growing sell pressure below $19K hasn’t managed to catalyze and type of intense selloff over the past week, pointing to underlying immense strength amongst buyers.
As the bulls attempt to surmount the $19K level and possibly set a new record, the market capitalization of BTC has hit all-time highs. The cryptocurrency’s ongoing rally against other traditional assets seems to have empowered it to reach this interesting milestone.
On Nov. 21, Bitcoin evangelist Anthony Pompliano alerted the crypto community that the number of global public companies with a bigger market cap than BTC had shrunk to 11.The king coin’s market capitalization has now surpassed that of many firms, including JPMorgan.
Analysts such as Raoul Pal, CEO of Real Vision, projects that Bitcoin has room to continue growing in this market cycle.
“The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is – #bitcoin,” he tweeted.
XRP Bulls Take Control
Much to the surprise of traders, Ripple (XRP) has been one of the best performers in the crypto space over the past 24 hours.
The bulls are taking full control of XRP’s price action as they attempt to propel the embattled token towards $0.50 in the near-term.
XRP Price Sees Parabolic Price Action | Source TradingView