Market Outlook: BTC Trend Targets $15K, Bitcoin Bull Raoul Pal ‘Irresponsibly Long’

Market Outlook: BTC Trend Targets $15K, Bitcoin Bull Raoul Pal 'Irresponsibly Long'

Cryptocurrency markets have been fluctuating quite a bit lately, as bitcoin and a number of crypto assets have been testing new resistance levels. The market valuation of the entire crypto-economy is hovering around $360 billion as a decent portion of the top twenty digital assets have gained 1-15% in the last 24 hours.

This Week’s Crypto Market Action

A number of digital currency enthusiasts have been focused on crypto markets, as prices started rising again during the latter half of the weekend. During the early morning trading sessions on Monday, bitcoin (BTC) had jumped a hair above the $12k zone.

However, BTC/USD prices slid 4% after reaching the $12k zone to the $11,500 region. The move filled a CME Group bitcoin futures price gap which was not filled prior to the weekend. BTC quickly moved back to the $11,700 position and again bitcoin bulls are pressing toward the $12k range.

Market Outlook: BTC Trend Targets $15K, Bitcoin Bull Raoul Pal 'Irresponsibly Long'

Despite BTC’s rising price toward $12k, the crypto asset’s dominance ratio is still only 60.5% out of all the coins in existence (5,700+). At the time of publication, bitcoin (BTC) has a market cap between $218 to $221 billion. During the last seven days, BTC is up 5.9% and the asset is up 28.8% for the last 30 days.

Market Outlook: BTC Trend Targets $15K, Bitcoin Bull Raoul Pal 'Irresponsibly Long'
Top five crypto assets on Monday, August 10, 2020.

Out of all 5,700+ crypto coins, there is $30 billion in 24-hour trade volume on Monday. Ethereum (ETH) is up over 2.4% today and trading for $396 at press time. ETH is only up 3.4% for the week but it’s up over 64% during the last 30 days. XRP is also up over a percentage today, as it’s been wobbling between $0.29 to $0.30 during the last few days.

Bitcoin cash (BCH) has been trading for just above the $300 range, after touching a high of $308 during the early morning trading sessions. BCH is up 2% during the last seven days, 28% for the last 30-days, and 29.7% during the last 90-day time span. The cryptocurrency has around $779 million in 24-hour global trades and a $5.59 billion market capitalization.

Analyst…

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