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The digital currency market has surged today, with altcoin’s following the lead of the original cryptocurrency, Bitcoin.
BTC has moved closer to the $6,000 mark today, with its price having gained more than $300 since the start of the session. The coin jumped above the $5,850 mark in the morning, before pulling back to slightly lower levels. At the time of writing, the Bitcoin price was hovering around the $5,850 level, according to data from digital currency tracker Coinmarketcap.
Meanwhile, the altcoin market has also enjoyed strong gains, with Litecoin (LTC) being the best-performing digital currency in the top 10. The “silver to Bitcoin’s gold”, as LTC is commonly known, has gained over 8% in the past 24 hours and is currently trading at $80.30, up from its Thursday close of $73.78.
EOS has been a close second in terms of performance, as its price has risen by over 7%. Ethereum (ETH) and Bitcoin Cash (BCH) are the other top 10 digital currencies that have gained more than 5% over the most recent 24-hour period. The digital currency market as a whole has gained around $10 billion over the same period. The combined value of all digital currencies currently stands at $187.2 billion, with Bitcoin making up over 55% of that value.
According to Fundstrat technical strategist Robert Sluymer, traders should use the opportunity to buy Bitcoin before the next bull cycle.
“Use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance,” the analyst wrote in a May 2 note, as quoted by Bloomberg.
“While it’s premature to conclude Bitcoin will not retest support near $4,300, we would encourage traders and investors to remain focused on the bullish longer-term technical profile developing,” Sluymer wrote. “Bottom line: use recent weakness to accumulate,” Sluymer said.
Featured image: Wit Olszewski/Shutterstock.com
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