Bitcoin Rally Leads Cryptocurrency Market Above $330 Billion

Bitcoin surged past $8,400 on Sunday for the first time since Mar. 25, extending its five-day rally to 20%. It would later consolidate at $8,280 per coin for a gain of 4.6% and a total market cap of $140 billion.

With the gain, bitcoin has rebounded nearly 30% from the Apr. 1 swing low, which had threatened a major bearish reversal. An RSI of 63 implies strong momentum and price action is also strengthening, as evidenced by the bullish crossover in the moving averages



Each of the top-ten cryptocurrencies reported gains on Sunday. Ethereum extended its rally north of $500, gaining 6% to $525.33. Ripple XRP jumped 6.2% to $0.665, bitcoin cash rose 5.4% to $771.32 and Litecoin added 3.5% to $130.22. Meanwhile, Stellar Lumens surged 15.5% to $0.286 while IOTA added 18.2% to $1.61.
The number of billion-dollar cryptocurrencies has risen during the latest rally. As of Sunday, 24 digital assets were valued at $1 billion or more, according to CoinMarketCap. A dozen more were capitalized at $500 million or more.


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