Bitcoin is up 15% this week after a slight gain last week and a nearly 20% drop the week before. After stabilizing at $7,100 earlier this week, the price rocketed above $8,000 in a dramatic green candle. The price has hit a sell wall over the $8,00 mark, but analysts are optimistic. For the first time in a few weeks, we’ve seen major personalities revealing huge price targets in a manner similar to the end of 2017. Despite the price rise, bitcoin dominance fell slightly marking a reversal of last weeks gains.
Ethereum is up 30% this week. The currency was flat last week and experienced several weeks of double-digit drops in the weeks prior. Technical analysts are optimistic that the rally will continue. Those more keen on fundamental analysis will point to Golem going live this week.
The entire crypto market gained 20% this week briefly bringing the total market cap over $325 billion. This comes after early gains of $20 billion earlier in the week and is no doubt due to bitcoins fantastic price rally earlier this week. The dramatic gains come after several weeks of the price staying sideways at the $250 billion level.