On the night of May 9, Bitcoin returned to a level above $ 6000 for the first time in 2019, which may mean the formal end of a long bearish cycle.
Today, “crypto-bulls” can celebrate a new victory, or rather, the return of positions lost six months ago. At all major exchanges, the BTC course confidently overcame an important psychological level of $ 6000 and is trying to gain a foothold above it.
The importance of this level is that today's revenge almost completely eliminates the results of the last large-scale wave of decline, which occurred in November last year. Thus, the continuation of the fall, which was delayed for the entire 2018th year, is becoming less and less likely.
If the hidden bears in the near future do not undertake a large-scale attack and fail to derail the course by at least several hundred dollars, the entire growth of the last months can become just a call for a new bull cycle. And even if this year we do not see new historical highs, then a return to five-digit quotes no longer looks incredible.
What is even more interesting, Bitcoin continues to consolidate its leading position among other cryptocurrencies and tokens: “Bitcoin's domination index” continues to grow by capitalization and today has risen above 57%. This is despite the fact that the number of cryptocurrency and blockchain projects continues to grow, and platforms such as Ethereum, EOS, Tron, Ripple, Cardano, Cosmos and many others are becoming increasingly popular. But even their total “mass” cannot outweigh the BTC capitalization.
Another indirect indicator of the emergence of a new bullish wave of cryptocurrencies can be considered a massive verbal attack on Bitcoin by the authorities of the old financial world, whose emotional behavior is beginning to sound like a tantrum. Analysts of the World Gold Council, who are trying to assure the public that Bitcoin cannot become a substitute for gold, did not fail to join it. But their research and attempts to provide a logical basis for this statement suggest that they consider this possibility seriously. It is not excluded that the next decade may indeed become another arena of battle between traditional and new values, “digital” and “metallic” gold.