Category: ETHBTC

Bitcoin Strong At $40K: Will It Be Another Wild Weekend? (Market Watch)

by CryptoPotato

Following another all-time high and a wildly volatile day, bitcoin has retraced slightly and calmed around the $40,000 price mark. Most large-cap alternative coins have also lost some steam, but some lower- and mid-cap ones have skyrocketed in the past 24 hours.

Bitcoin Stalls Beneath $40K

The past several days have been quite bullish for the cryptocurrency. After it dipped briefly beneath $28,000 on Monday, bitcoin went on a roll. It reclaimed the $30,000 tag almost immediately and continued upwards to new records.

The latest one came just yesterday. BTC took down another milestone – $40,000 – and kept marching on to $42,000. This became the asset’s newest all-time high. This increase meant that bitcoin has added over $14,000 in just five days – since the Monday dip.

However, the bears took charge at this point and drove BTC down to about $38,800 (on Bitstamp). Nevertheless, the primary cryptocurrency has recovered some losses and currently trades around $40,300.

The technical indicators suggest that the most significant support lines that BTC could rely on in case of another retracement are at $38,000, $37,150, and $36,000.

Alternatively, bitcoin has to overcome the resistance level at $42,000 to resume its bull run and head towards the next obstacles at $43,445 and $45,000.

It’s interesting to note, however, that the two weekends before this one were particularly wild and Bitcoin created serious CME gaps that later got filled amid massive volatility.

btcusd_hart
BTC/USD. Source: TradingView

Large-Cap Altcoins Relax, Lower-Cap Explode

The past several days have been highly volatile for the altcoins as well, with substantial double-digit price movements. After the latest gains, though, most larger-cap alternative coins have calmed on a 24-hour scale.

Ethereum, Ripple, Bitcoin Cash, and Chainlink are essentially positioned at the same levels as yesterday. ETH trades around $1,200, BCH is at $430, XRP at $0.32, and Link at $15.56.

Binance Coin (-2%) and Polkadot (-3%) have lost the most from the top ten, while Litecoin has gained 3% to $168.

heatmap_crypto
Cryptocurrency Market Heatmap. Source: Quantify Crypto

However, while larger-cap altcoins have remained still, the situation with lower- and mid-cap ones is significantly different.

IOST leads the double-digit price increase club with a 75% surge. Avalanche (45%), Solana (38%), BitTorrent (30%), Yearn.Finance (27%), Band Protocol (26%), IOTA (24%), Hedera Hashgraph (22%), SushiSwap (22%), and NEAR Protocol (16%) are some of the other representatives.

Although the total market cap has decreased slightly from yesterday’s high at $1.1 trillion, it still hovers above the coveted $1 trillion level.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Market Watch: Ripple (XRP) Surges 30% as Bitcoin Neared $38K

by CryptoPotato

Another day and another all-time high of bitcoin – this time, the cryptocurrency came just inches away from $38,000. The entire market also broke down a significant milestone by reaching $1T following impressive double-digit gains from Ripple, Chainlink, Cardano, Stellar, and more.

Bitcoin’s Latest ATH Nears $38K

It’s safe to say that BTC entered the new year with a bang. Apart from a brief slide beneath $28,000 in which the cryptocurrency filled a gap left opened on CME, bitcoin has been on a roll, tearing down record after record.

In the past 24 hours, the asset continued upwards and broke into uncharted territory once more. After enduring high volatility that drove it below $34,000, BTC initiated an impressive leg up that resulted in the latest all-time high – above $37,800.

Despite retracing slightly since then, bitcoin still trades north of $37,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Data from Santiment indicated that BTC’s surge to new highs had changed people’s opinion who are now “pumping the buy narrative,” while just yesterday, the number of “sell calls” dominated the social circles.

Crypto Crowds Buy Vs. Sell Sentiment. Source: Santiment
Crypto Crowds Buy Vs. Sell Sentiment. Source: Santiment

$1T Market Cap As Alts Explode

CryptoPotato reported yesterday yet another massive milestone reached by all cryptocurrency assets – the market capitalization breaking above $1 trillion for the first time.

This became possible as multiple altcoins mimicked BTC’s impressive performance as of late with notable gains. On a 24-hour scale, Ethereum has jumped by 7% to $1,120, Binance Coin (6%) to $44, Polkadot (2%) to $10, Litecoin (3.5%) to $168, and Bitcoin Cash (5.5%) to $450.

However, there’re even more remarkable gainers from the top ten, including the newest entrée – XLM.

Stellar has doubled-down on its recent bull run. XLM has surged by 60% since yesterday and 190% in a week to $0.36. This comes as the Foundation partnered with the Ukrainian government to develop a CBDC.

Ripple has surged by 30% to $0.30. Cardano’s 21% increase to $0.34 has helped ADA to overtake BCH in terms of market cap. Chainlink has added 16% and trades near $17.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More gains are evident from Matic Network (23%), Kyber Network (23%), Decentraland (23%), NEM (22%), Siacoin (22%), Augur (20%), Qtum (17%), and more.

The rising altcoins have reduced BTC’s dominance to 68.3% from yesterday’s high at 69.5%.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Research: Bitcoin’s $6K Monday Crash Wasn’t Driven By Institutional Investors

by CryptoPotato

Recent data indicated that mid-tier traders took profits before and during yesterday’s massive price drops for bitcoin and Ethereum. Furthermore, it disputed the assumptions that whales and institutional investors have disposed of their BTC holdings.

Mid-Level BTC Holders Took Profits Amid The Drop

Following the highly positive first days of 2020 in which bitcoin exploded above $30,000 to a new all-time high of nearly $35,000, the cryptocurrency retraced heavily yesterday. As CryptoPotato reported, BTC went from over $33,500 to an intraday low of beneath $28,000 (on Bitstamp) in hours.

Simultaneously, the second-largest cryptocurrency by market cap was flying to its new near 3-year high at $1,170 before it went through a similar sharp price correction to below $900.

According to information from the analytics company Santiment, the so-called “mid-tier holders” took this opportunity to collect short-term profits during these price developments. These are addresses containing between 10-1,000 bitcoins and 100-10,000 ETH.

As the graphs below demonstrate, the number of such BTC wallets had dropped by over 1,100 in the past week, while the ETH wallets with that amount had decreased by 523.

Bitcoin Whales/Mid-Tier Holders. Source: Santiment
Bitcoin Whales/Mid-Tier Holders. Source: Santiment

Ethereum Whales/Mid-Tier Holders. Source: Santiment
Ethereum Whales/Mid-Tier Holders. Source: Santiment

Santiment also refuted the claims that whales and institutional investors with massive BTC and ETH positions have started to dispose of their digital assets. In contrast, the company highlighted that BTC addresses with over 1,000 tokens and ETH wallets with 10,000 or more coins had increased by 51 and 17, respectively, in the past week.

Analysts Agree With The Profit-taking Theory

Jason Deane, an analyst at the cryptocurrency advisory firm Quantum Economics, supported the narrative mentioned above in a CNBC interview.

He outlined the growing demand from institutions towards bitcoin. Those included massive purchases from insurance giant MassMutual, hedge fund managers One River Asset Management and Ruffer Investment, and the Wall Street behemoth Guggenheim Partners.

Consequently, he believes that “any correction will be short-lived,” given the “current sentiment and appetite for bitcoin.”

“The most likely explanation for the pullback is short term profit taking by traders, rather than long-term investors.” – he concluded.

Bitpanda’s CEO, Eric Demuth, added that “there’s no denying that bitcoin has proven itself as an established and top-performing asset. Bitcoin’s value grew over 300% last year as more institutional investors took that leap to embrace digital currencies.”

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After the Storm: Bitcoin Reclaims $30K As ETH Trades Above $1,000

by CryptoPotato

After a highly volatile day that saw a significant $5,500 move from bitcoin to beneath $28,000, the cryptocurrency has calmed above $30,000. Most alternative coins have retraced from yesterday’s highs as well, but Ethereum still hovers above $1,000.

Bitcoin’s Roller-Coaster Calms At $31K

The new year began wildly positive for the primary cryptocurrency with consecutive all-time highs – the latest neared $35,000. However, bitcoin went on a volatile ride that saw about $5,500 of its value evaporate in merely hours as Monday came.

Speculations emerged that BTC’s massive drop was triggered by a gap left opened on the Chicago Mercantile Exchange from last week. Bitcoin filled the gap at $29,000 and surged back above $30,000 shortly after.

The cryptocurrency even initiated a leg up that took it up to $33,000 in the following hours. However, the bears took control once more and pushed it down to its current level of approximately $31,000.

From a technical perspective, the key support levels situated at $30,300, $30,000, and $29,300 could assist in case of another retracement. Alternatively, the resistance lines at $32,200, $33,100, and the ATH at $34,800 are the first major obstacles if BTC resumes its bull run.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Retracing Altcoins, ETH Reconquers $1K

The increased volatility didn’t miss the altcoin market yesterday. Ethereum was among the most notable performers as it pumped to its highest price tag in almost three years at $1,170.

However, ETH dumped rather vigorously to $900 almost immediately after its peak. Nevertheless, the second-largest digital asset reclaimed $1,000 and current hovers above it.

Ripple is about 10% down on a 24-hour scale to $0.23. Bitcoin Cash (-11%), Binance Coin (-6%), Chainlink (-11%), Polkadot (-7%), Cardano (-6%), and Litecoin (-8%) are also in the red.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses are evident from Ren (-11%), TRON (-11%), Ontology (-11%), Verge (-11%), NEAR Protocol (-10%), and BitTorrent (-10%).

The total market cap has dropped from yesterday’s peak of $920 billion to $850 billion. Bitcoin’s dominance has decreased slightly from the recent highs to 68.1%.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Bulls vs. Bears: Over $1.1 Billion Shorts and Longs Liquidated in the Past 24 Hours

by CryptoPotato

The past 24 hours on the cryptocurrency market have been particularly intense. This time around, the action doesn’t seem to come from Bitcoin, which has been taking a breather.

Altcoins, on the other hand, are going parabolic. As CryptoPotato reported, they added almost $40 billion to the total market cap. Despite this increase, both long and short liquidations are off the charts.

Over $1.1 Billion Liquidated in a Day

As it’s oftentimes the case, when Bitcoin stops its advance, alternative cryptocurrencies take advantage and start to pop. This is what has been happening over the past couple of days. The primary cryptocurrency declined in value, which allowed room for others to step in.

The total trading volume in the past 24 hours alone surged to just shy of $400 billion. In the same period of time, more than $1.1 billion worth of short and long positions were liquidated. This translates to almost 120,000 traders on the major exchanges.

The largest single liquidation order over the past hour took place on Huobi and had a face value of the whopping $12.92 million. Over the same period of time, about $31 million worth of long and short positions were liquidated.

exchange_liquidation_data
Exchange Liquidation Data. Source: Bybt

As seen in the above chart, the majority of positions were long, accounting for a total of $685 million. Leading the way is Binance, which doesn’t really come as a surprise. Next in line are Huobi, Bybit, and OKEx.

A Zero-Sum Game

Trading is a zero-sum game. This means that for one to win, another has to lose. It’s a paramount principle that needs to be kept under close consideration when stepping into a market as volatile as this one.

This is especially true for newcomers. Data from Google Trends reveals that the interest in Bitcoin has increased substantially over the past month.

google_trends
“Bitcoin” Searches. Source: Google Trends

It’s obvious that the current levels are nowhere near their peak from back in 2017, but the massive volatility can cause serious capital loss unless risk management and proper principles are in place.

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Buying The Bottom? Grayscale Concludes 2020 With Huge XRP Purchase and 10x in AUM

by CryptoPotato

The leading digital asset manager, Grayscale, has taken full advantage of the developments within the cryptocurrency field with record-breaking inflows. The company’s assets under management (AUM) have increased ten-fold throughout 2020 to above $20 billion.

Grayscale’s Best Year To Date

Founded in 2013, Grayscale is among the largest gateways for institutional investors to receive exposure to bitcoin and other cryptocurrencies without worrying about storing the assets.

The company registered its best year to date in 2020 as institutions began entering the field with more substantial purchases.

According to Grayscale’s Q1 2020 report, the asset manager ended 2019 with an AUM of about $2 billion. However, the rising popularity of cryptocurrencies and the skyrocketing prices have resulted in a massive yearly growth to over $20 billion in AUM.

Grayscale’s founder and CEO Barry Silbert highlighted the 10x annual growth on his Twitter account:


As the graph above illustrates, bitcoin remains the company’s most attractive product. The Grayscale Bitcoin Trust accounts for about $17,5 billion of all assets (about 87%). In comparison, the second most popular product, the Grayscale Ethereum Trust, has a share of a little over $2 billion.

Strategists from the giant US multinational investment bank JPMorgan Chase & Co recently highlighted the crucial role of Grayscale for the cryptocurrency industry. The analysts even warned that prices could tumble if the inflows in Grayscale’s products decrease.

Record-Breaking XRP Purchases

Information shared by the monitoring resource CryptoWhale asserted that Grayscale had taken advantage of the recent XRP developments with a massive purchase at a lower price.

As reported by CryptoPotato in December, the US Securities and Exchange Commission charged Ripple for conducting a $1.3 billion unregistered security offering. Multiple cryptocurrency exchanges started delisting XRP, and the token’s price tumbled by about 70% to below $0.20 in a few weeks.

CryptoWhale data indicated that Grayscale had completed its largest purchase of XRP – 12.48 million coins on New Year’s Eve. The asset’s price reacted immediately with a 20% surge that took it from $0.20 to $0.24.

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Bitcoin Spikes 2700$ To New ATH Surpassing $28,500: BTC Dominance Above 70%

by CryptoPotato

After a few days of sideways trading, BTC has returned to its Q4 2020 bull run and painted a fresh all-time high above $28,500. The cryptocurrency gained more than $2,700 from yesterday’s lows. Most alternative coins have failed to follow and bitcoin’s dominance over the market has returned to over 70%.

Another ATH For Bitcoin At $28,570

Following the previous all-time high marked during the Christmas Holidays at $28,300, BTC started retracing and even dipped beneath $26,000 on a few occasions.

While the community was wondering and speculating if the late 2020 rally has been paused, the primary cryptocurrency decided to act again in the past 24 hours.

BTC firstly overcame the $27,000 mark before doing the same with the $28,000 price tag. Another leg up resulted in a pump to its latest all-time high of $28,570 (on Bitstamp).

Despite retracing slightly since then, bitcoin is still very close to $28,500 as of writing these lines.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

The analytics company Santiment suggested that such a development could be possible because of the rising number of daily active addresses. The firm, which has described this metric as crucial for BTC’s price, outlined that the active addresses have continued hovering around the weekly high, while “on-chain transaction volume has shown some encouragingly high spikes.”

Bitcoin Price / Daily Active Addresses. Source: Santiment
Bitcoin Price / Daily Active Addresses. Source: Santiment

Trailing Altcoins Increase BTC’s Dominance

Most alternative coins have failed to mimic BTC’s gains yet, despite some minor increases. Ethereum is up by 4% to above $735. Bitcoin Cash (4%) and Litecoin (3%) have risen to $355 and $130, respectively.

Polkadot is the most impressive gainer with an 11% surge. As a result, DOT trades north of $7.

Nevertheless, Ripple continues with its adverse price developments and struggles to stay above $0.20. Chainlink has also lost some value and trades at $11.6.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Some lower- and mid-cap altcoins, such as Kusama (9%), Aave (6%), NEAR Protocol (6%), FTX Token (6%), and Compound (6%) have also increased on a 24-hour scale.

However, their gains were not enough for the altcoins to protect their market share. Consequently, bitcoin’s dominance has surged to 70.5% after a few days under the 70% mark.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Ethereum Price Analysis: After 18% From Yesterday’s Low, Is $800 In Sight For ETH?

by CryptoPotato

ETH/USD – Ethereum Bulls Print Fresh 2020 Highs Above $700

Key Support Levels: $720, $700, $675.

Key Resistance Levels: $750, $762, $780.

Yesterday, Ethereum finally penetrated beyond the $675 resistance provided by a bearish .786 Fib Retracement. It managed to spike above $700, but the bears stepped in to cause the daily candle to close around $680.

Today, the ETH bulls continue to drive further higher as they penetrated beyond $700 again to reach as high as $738. It has since dropped slightly as the buyers battle to break the $733 resistance (1.414 Fib Extension). In any case, the cryptocurrency increased substantially from yesterday’s low at $625.

ethusd-dec28
ETH/USD Daily Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the bulls break $733, the first level of strong resistance lies at $750 (bearish .886 Fib Retracement). This is followed by $762, $780, $790 (1.272 Fib Extension), and $800.

On the other side, the first level of support lies at $720. After that, there’s $700, $675, $665, and $641 (.382 Fib).

The RSI is above the mid-line as the buyers dominate the market momentum and are still far from being overbought. Additionally, the Stochastic RSI produced a bullish crossover signal a few days ago and still has room to continue further before becoming overbought.

ETH/BTC – ETH Continues Rebound From 0.024 BTC.

Key Support Levels: 0.0262 BTC, 0.026 BTC, 0.025 BTC.

Key Resistance Levels: 0.027 BTC, 0.0275 BTC, 0.028 BTC.

Against Bitcoin, Ethereum had dropped into the 0.024 BTC support yesterday, where it managed to rebound higher. In fact, ETH briefly dropped beneath 0.023 BTC yesterday, but the buyers regrouped to allow the daily candle to close above 0.026 BTC.

Today, the bulls continued to drive ETH higher as they penetrated back above the November lows 0.0262 BTC to reach as high as 0.0275 BTC. The sellers have since dropped the price as ETH now trades near the 0.0269 BTC resistance (bearish .382 Fib Retracement).

ethbtc-dec28
ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Beyond 0.027 BTC, the first level of resistance is expected at 0.0275 BTC. This is followed by 0.028 BTC, 0.0282 BTC (bearish .5 Fib), and 0.0284 BTC (Feb 2020 highs). Added resistance lies at 0.0287 BTC and 0.0295 BTC.

On the other side, the first level of support lies at 0.0262 BTC. This is followed by 0.026 BTC, 0.025 BTC, and 0.0245 BTC (Jul 2020 lows). Added support lies at 0.024 BTC and 0.0237 BTC.

The RSI is at the mid-line as indecision looms within the market. It will need to cross this line for the bullish momentum to take control of the market movement. The Stochastic RSI recently produced a bullish crossover signal, which is a promising signal for ETH holders.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Ethereum Price Hits 37-Month High on Strained Supply Rate

by NEWSBTC

Ethereum prices rose Monday as its on-chain fundamentals confirmed supply constraints across all the leading exchanges against rising demand.

The Ethereum-to-dollar exchange rate climbed by up to 8.72 percent to $740, a level it last tested in May 2018. Intraday-wise, the pair’s upside move came in the wake of a correcting Bitcoin, which, on Sunday, rose to a new record peak of $28,377.

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency
Ethereum is consolidating higher in a Wedge-like pattern. Source: ETHUSD on TradingView.com

So it appears, traders preferred to sell the Bitcoin’s top to seek opportunities in a lowly-trading Ethereum, whose idiosyncratic fundamentals, including its blockchain protocol’s much-publicized upgrade to proof-of-stake, also pointed to a long-term bullish outlook. Some analysts agreed that the Ethereum price could close above $1,000 next year.

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Ryan Watkins, the senior research analyst at Messari — a crypto-focused data platform, stated that institutions might start buying Ethereum in 2021 as they explore profitable crypto alternatives beyond Bitcoin.

“It’s a much easier jump from BTC to ETH from there,” he added.

Ethereum Supply Declines

The primary fundamental behind Ethereum’s wild upside moves is the classic supply-demand model. Switching to proof-of-stake means more people would lock their ETH holdings into the Ethereum 2.0 smart contracts to earn attractive annual percentage yields, thereby removing a good supply from the market. And so it seems, that is already happening after the early December protocol upgrade.

According to data analytics platform Santiment, the Ethereum balance on all the crypto exchanges has fallen to a 1.5 year low. It typically means fewer traders are looking to exchange their ETH holdings for other assets in the short-term.

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency
Ethereum supply metrics. Source: Santiment

Meanwhile, Ethereum miners’ balances have also crashed to levels last seen two years ago. It indicates a growing demand for the cryptocurrency in over-the-counter and retail markets.

“Both are great validators,” commented Santiment.

Technical Setup

The biggest bullish catalyst for Ethereum is not coming from the US dollar, but the bitcoin-pegged trades.

The ETH/BTC traders have expressed their conviction for a medium-term bullish bias as the pair looks to have bottomed out on its longer timeframe charts. Traditionally, it signals the beginning of a so-called “altcoin season,” wherein traders exit their Bitcoin positions to seek profitability in alternative cryptocurrencies.

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency
The weekly close of Ethereum on the BTC pair is signaling a bottom, as presented by Michaël van de Poppe. Source: ETHBTC on TradingView.com

“Closed above the crucial threshold of this range, indicating further upwards momentum [will] occur, and another HL is created,” noted Michaël van de Poppe, an independent market analyst, adding that it is a “good sign” for Ethereum.

Meanwhile, analyst Edward Morra spotted an inverse head and shoulder pattern on the ETH/BTC weekly chart. He noted that the technically bullish pattern could send the pair up by as much as 150 percent.

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency
Ethereum inverse head and shoulder pattern, as presented by Edward Morra. Source: ETHBTC on TradingView.com

Mr. Morra’s long-term price target for ETH/BTC is 0.05.

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Altcoins Time? ETH Soars 15% As Bitcoin Dominance Drops Below 70% (Market Watch)

by CryptoPotato

After another highly volatile weekend trading day consisting of a new all-time high above $28,000 and a massive rejection, including a drop below $26K, BTC has calmed and as of now trading safely around $27,000.

Most altcoins have finally joined the party with some impressive double-digit gains, including Ethereum breaking north of $700, recording a current daily high at nearly $740, which is the highest of 2020.

Bitcoin’s New ATH And Subsequent Rejection

The primary cryptocurrency continued with its remarkable performance during this year’s Holiday season yesterday. After charting consecutive all-time highs above $26,000 and $27,000 on the days before, bitcoin headed towards another major milestone – $28,000.

It didn’t take long for the cryptocurrency to break above it. The run saw BTC painting the latest ATH at nearly $28,400 (on Bitstamp). Quite impressive considering the fact that BTC was trading around $10K during October.

However, as the community started speculating on the next major obstacle at $30,000, the bulls took charge. In the following hours, BTC dumped by more than $2,000 to a daily low beneath $26,000. Nevertheless, the asset has recovered some losses and currently hovers around $27,000.

From a technical perspective, the first support levels situated at $26,850, $26,500, and $25,700 (yesterday’s low) could assist in case of another price breakdown.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Rise: Ethereum Breaks Above $700

The altcoin market trailed behind BTC during the latest run. Consequently, bitcoin’s dominance surged to a yearly high of nearly 72%. However, most altcoins have awakened in the past 24 hours with serious gains, thus reducing BTC’s dominance beneath 70%.

Ethereum is among the most impressive performers with a 15% surge on a 24-hour scale, as recorded earlier today. As such, the second-largest cryptocurrency by market cap has overcome the $700 price tag and reached its highest level since early 2018 – $738 (Binance).

Chainlink has added a similar percentage to its price and trades above $12.5. Bitcoin Cash (4%), Binance Coin (3.5%), Polkadot (4.5%), Cardano (2.25%) are also in the green.

Litecoin and Ripple are the two coins from the top ten that have lost value. LTC (-3%) struggles with $130, while XRP (-5%) is down to $0.28.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Ocean Protocol (13%), THORChain (10%), Decred (10%), Aave (10%), Uniswap (9.5%), and Kusama (9%).

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Bitcoin (BTC) $ 26,877.20 0.89%
Ethereum (ETH) $ 1,667.13 0.36%
Litecoin (LTC) $ 66.04 1.63%
Bitcoin Cash (BCH) $ 231.64 3.78%