This week has given rise to the prospective dawn of a long-awaited uptrend, as the crypto market records gains across the board and eyes the $365 billion mark, above which anything is possible.

Earlier today, the market recorded strong performances of major cryptocurrencies like Bitcoin and Ethereum, which have led valuations forward.

Altcoin’s record gains

Throughout 2018, amid the characteristic fluctuations in the market, investors leaned towards Bitcoin as a safe haven asset. With the deepest liquidity the highest volume in the global market, Bitcoin was able to maintain stability while most cryptocurrencies drifted into free fall. In fact, most assets declined by over 80% from their all-time highs and struggled to maintain gains against Bitcoin.

Over the past week, alternative cryptocurrencies (altcoins) and other major cryptocurrencies have consistently posted gains against the most dominant cryptocurrency in the market. The daily global market trading volume crossed the $20 billion mark for the first time in April and the valuation of the market hit a new monthly high.

In March and early April, investors looked more bearish and sceptical of cryptocurrencies other than Bitcoin and Ethereum, which is arguably justified due to the uncertainty of the short-term future for cryptos. However, that sentiment spectacularly shifted on the 13^th of April, with a massive $20 billion cash injection that sent figures well into the green. This had the consequence of shifting the altcoin market too. While altcoins leaned towards intense movements on the upside, downside movements were also amplified, and investors up until the 13^th, investors thought the risk was not worth taking.

That said, trader and investors have now started to become more bullish than before by investing in cryptocurrencies like Ripple, Dash and others. As the volumes of altcoins across major exchanges surged, altcoins began to outperform Bitcoin on a weekly basis, and it is possible that ERC20 tokens outperform major cryptocurrencies on a monthly basis by the end of April.

The next major target for the cryptocurrency market is the $400 billion mark and by surpassing that threshold, the cryptocurrency market would achieve a two-month high. At this juncture, it is safe to conclude that Bitcoin has bottomed out at $6,000 and the market has begun a rapid recovery to its previous levels.

If the Bitcoin price breaks the $9,500 level in the short-term, ideally within the next week, it is entirely possible that the cryptocurrency market surpasses $400 billion within April, in the next 10 days.

The Relative Strength Index (RSI) of Bitcoin is in the 57 range and is signifying a neutral zone. Bitcoin is neither oversold or overbought based on current levels, as demonstrated by two momentum oscillators RSI and Williams’ Percent Range.

Both simple and exponential moving averages are suggesting buy signals for Bitcoin, as it continues to gain robust momentum. From this point, traders are expecting the Bitcoin price to cross $8,500 and potentially make its way into the $9 billion region again.

Ripple records gains

Ripple was one of the best performing Non-ERC20 tokens on April 20th, with solid percentage gains throughout the day. Ripple has performed well against Bitcoin all through April and continues to build momentum against Bitcoin and Ethereum.

What a time to be alive.