On Tuesday Bitcoin price (BTC) pushed through $8,600 and rallied all the way to $8,859 before taking what appears to be a breather near $8,750.
As reported earlier by Cointelegraph, crypto analyst Tone Vays predicted that if Bitcoin price gained above $8,600, $8,800 would serve as the next level of stiff resistance. At the time of writing Bitcoin is up 7.74% for the day and it appears that a strong trend reversal is in the making as the price has sustained above the descending channel trendline for the last 20-hours.
Cryptocurrency market weekly overview. Source: Coin360
Altcoins also steadfastly followed Bitcoin’s strong upswing, leading a number of top-10 cryptocurrencies to post double-digit gains. Bitcoin SV (BSV) is the most notable gainer with a 93.63% gain and earlier in the day the altcoin flipped positions with Bitcoin Cash (BCH) but at the time of writing the two are neck and neck for the fourth spot. If BSV flips BCH again the altcoin will be the fourth largest cryptocurrency with a market capitalization of $5.56 billion.
To date, BSV is now up by 300% over the past ten days. It appears that BSV’s rally was primarily driven by the unconfirmed rumor that Bitcoin SV advocate Craig Wright received the private keys to the Tulip Trust.
Wright remains in the midst of a lengthy court battle with the estate of former business partner Dave Kleiman and recently a Federal Court judge extended the time Wright has to turn over half of his Bitcoin holdings to the estate. This extension basically gives Wright until February to source the private keys to his Bitcoin holdings.
The trust is rumored to contain 1.1 million Bitcoin, worth more than $9.5 billion at BTC’s current valuation. If this is true, investors and Bitcoin SV supporters might be buying BSV or swapping their current Bitcoin holdings for the altcoin under the assumption that Wright may liquidate his Bitcoin holdings on the open market in exchange for BSV.
Traders will now watch to see if there is a continuation with BSV’s rally or if the price dumps abruptly over the coming days.
Bitcoin weekly price chart. Source: Coin360
The overall cryptocurrency market cap now stands at $239.2 billion and Bitcoin’s dominance rate is at 66.7%. BCH also posted impressive gains by rallying 22.4% and holding the fifth spot among the top-5 cryptocurrencies by market capitalization. Ether (ETH), EOS and Dash (DASH) were also notable gainers over the past 24-hours with 13.61%, 20.39% and 18.04% gains over the past 24-hours, respectively.