Global market capitalization has hit $160bln today in rapid early European trading, will we see higher highs continue?
- Bitcoin price action at highest level since November of last year
- Highs reached $5k on Kraken and Bitstamp briefly
- Bitcoin and Litecoin both up over 10%
Bitcoin price action rapidly surged through the $4.2k resistance level earlier today as European traders started bidding the price to hit highs slightly over $5000 on Kraken and Bitstamp.
Alt-coins are also seeing a swift upswing in their valuations with Enigma up 20% and family favorite Dogecoin bitting at Enigma's heels - also up 20%
Exchange markets are trading in a tight spread around the $4.5k - $4.7k range, with leveraged derivative trading on Bitmex taking the price all the way to $5k before their backend was overloaded.
So far short positions on Bitmex have carried the brunt of the storm, with a huge list of liquidations at the $5k level.
Price action has abated slightly now as the markets await the NY opening bell - to see if prices will continue to reach higher highs and carry momentum forward into tomorrows Asian session for a end of week rally.
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