Bitcoin price must hold $11,000 for October rally to continue

Bitcoin price must hold $11,000 for October rally to continue

The price of Bitcoin is likely to see a retest of $12,000 in the short term.

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Bitcoin (BTC) price broke upward in the first half of October, resulting in a rally from $10,500 to $11,700. However, the momentum may be shifting once more as strength diminishes across the cryptocurrency market. 

A similar setup also happened prior to Bitcoin’s latest upward break with sideways consolidation in BTC causing altcoins to drop south heavily, especially the Defi sector.

Rangebound and holding $11,000

But significant support at $11,000 is now a must-hold level to resume the bullish momentum, which may find difficulty clearing current levels as renewed coronavirus lockdowns are spooking investors.

Traders still remember the previous pandemic fear in March that caused prices of many assets across markets, including BTC, to drop severely.

BTC/USD 1-day chart

BTC/USD 1-day chart. Source: TradingView

Bitcoin’s daily chart shows a strict breakout above $11,000, which was critical for any bullish momentum.

However, sustaining support at $11,000 is a must for the bullish case to hold weight, making a test of the upper range at $12,000 increasingly likely. 

Gox Bitcoins stay put 

Many investors tend to factor in a potential sell-off of the 150,000 BTC involved in the Mt. Gox fiasco each time a new deadline nears. 

However, the deadline for the release of these Bitcoins was extended once again today diminishing these fears, or at least until Dec. 15, 2020 

4-hour chart

BTC/USDT 4-hour chart

BTC/USDT 4-hour chart. Source: TradingView

Meanwhile, the smaller timeframe shows a similar picture with the $11,000-11,150 area being a critical zone to hold as support. 

If that area is lost, a sharp dive is likely toward the $10,600 region. Even that CME gap below $10K may return as a topic of discussion. 

However, as the $11,000-11,200 level is such an important support zone to hold, holding here would warrant a test of the range’s upper region, lined out in the upper chart, namely $11,800-11,900 and potentially even $12,100. 

The real question is then whether Bitcoin has enough strength to break through that resistance level. Breaking $12K may see a massive bullish move that is likely to push up values across the entire crypto market. 

Total market cap looks to test $250 billion

Total market capitalization cryptocurrency 1-week chart

Total market capitalization cryptocurrency 1-week chart. Source: TradingView

The total market capitalization is still stuck inside a range. The upper part of the range is defined by the resistance zone between $380-405 billion. The lower part is found at $265-285 billion and is still untested. 

At the start of a new bull cycle, previous resistance levels get tested for support before further continuation occurs. 

A test of the $265-285 billion areas seems likely in that sense, as that would sustain a further continuation of the range-bound structure. Those range-bound constructions are also signs of the accumulation part of a new cycle. 

Next to that, if the total market capitalization starts to move sideways, the 100-week and 200-week moving averages (MAs) will come in to play as potential support. Those indicators are significant signs of support and further continuation upward as they define bull/bear markets.

Likely short-term scenario for BTC/USD 

BTC/USDT 6-hour chart

BTC/USDT 6-hour chart. Source: TradingView

The most likely scenario would be more upside and a possible test of the $12,000 area after successfully holding the $11,000-11,200 region as support.

However, an immediate breakout above $12,000 is not likely unless the U.S. Dollar Currency Index (DXY) starts to really tumble. Such a case would suit a very bullish breakout for the price of Bitcoin, opening up the possibility of new multi-year highs.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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The price of Bitcoin is likely to see a retest of $12,000 in the short term.

Bought the Dip? Bitcoin Price Rebounds Strongly With $11,000 in Sight

Bought the Dip? Bitcoin Price Rebounds Strongly With $11,000 in Sight

Bitcoin dip doesn’t last long as BTC price shoots to new 2020 highs

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Bitcoin (BTC) price made a small correction yesterday as it dropped from $10,100 towards $9,800. However, today’s bullish momentum returned and the price bounced back above $10,000 to make a new 2020 high at $10,370. 

So is the continuation of bullish momentum likely? Let’s look at the charts to see what could occur next. 

Crypto market daily performance. Source: Coin360

Bitcoin finds support at $9,800 and continues upwards

BTC USDT 12-hour chart. Source: TradingView

Many Bitcoin traders were waiting for the price to drop to the support at $9,500 but this was not to be. Instead of dropping further, the price stabilized at the $9,750 level and continued its upward momentum. 

Does this mean that continuation is likely? The current price action still looks slightly and Bitcoin didn’t break above the next massive resistance.

Nevertheless, it’s a great sign that the $9,500 level was cleared as that was a significant resistance for upwards continuation. However, the next hurdle is the $10,400 area where Bitcoin currently finds resistance. 

Through that, a range is defined, which is found in the following chart.

BTC USDT 12-hour chart. Source: TradingView

The range is defined by the resistance at $10,400 and the possible lower support zones at $9,500 and $9,800. If the price can’t break the $10,400 area then it will then likely pull back to retest this area.

Such a test would also mean that the price is going to consolidate for a while. Consolidation at this level would imply re-accumulation before the continuation of the upward trend. 

If the price of Bitcoin can break through $10,400, the next resistances are found at $10,900 and $11,600-11,900 where there is also an open CME gap.

Total market capitalization shows strength

The total market capitalization still provides a brighter view than the Bitcoin chart alone. 

Total market capitalization cryptocurrency 12-hour chart. Source: TradingView

The chart is showing a clear support/resistance flip at $245 billion, after which the market capitalization continued to rally upwards. The next target area is found at $285 billion and $300 billion.

A retest of $260 billion was likely to occur, but the market didn’t give such a retest as $275 billion became support. 

This gives the impression that continuation towards $300 billion is warranted, which would then be tested as the next resistance level.

Altcoin market fights the $100 billion barrier

Total altcoin market capitalization cryptocurrency 12-hour chart. Source: TradingView

The total altcoin market capitalization is still testing the next resistance. The chart clearly shows a breakthrough of the $80 billion, after which the breakthrough was confirmed by the support. 

The market capitalization of altcoins is currently testing this massive resistance. A breakthrough of this level would warrant a continuation of $112 and $133 billion.

However, the upwards move looks a bit overextended and a possible bearish divergence is currently appearing. If confirmed, this would imply that some retests of the lower levels at the $92 billion level are likely before continuation upwards can occur. A test of the $80 billion levels would still be a good sign of overall upward momentum.

Bullish scenario

The market is giving several bullish scenarios, and two will be discussed in this section.

BTC USDT bullish scenario 1. Source: TradingView

The most appealing bullish scenario would still indicate some consolidation before continuation. The key factor for such a consolidation would be the confirmation of resistance at $10,400.

Such a test is likely to occur in the coming 24 hours. If the price of Bitcoin can’t break through this resistance, it’s expected that some retests of the $9,500 and $9,800 level will happen before continuation upwards. 

If support is found at $9,500 or $9,800, the market is basically making another higher low which indicates that incoming buying pressure will lead to the resistance being tested again.

A breakthrough of the $10,400 level would open the door for continuation to $10,900 and possibly the $11,600-11,900 zone.

The second scenario consists of a breakthrough of the $10,400 already within the next 24 hours.

BTC USDT bullish scenario 2. Source: TradingView

If such a bullish breakout occurs, continuation towards the stated targets is on the tables. The first resistance is at $10,900, the second is found at $11,600-11,900.

Bearish scenario

BTC USDT bearish scenario. Source: TradingView

There’s not a strong reason to be bearish at this point, given that the trend is upwards and not showing any weakness. We could see some bearish momentum in the coming period, but some important things have to occur in order for investors’ perspectives to flip bearish.

The price has to start off with rejection at $10,400, after which a retest of the $9,500 is warranted. However, if the price of Bitcoin can’t make a higher high after that (for example, a bearish retest at $9,800), continuation downwards is likely to occur with targets near $8,800 next.

Nevertheless, the current trend is strong, so the bullish scenarios are more likely at this point. As long as Bitcoin finds support at $9,500 or $9,800, continuation to the upside is more likely to occur than downwards pressure. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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Bitcoin dip doesn’t last long as BTC price shoots to new 2020 highs

Bitcoin Fails to Break $11,000 Again, Drops $400 in One Hour

Bitcoin Fails to Break $11,000 Again, Drops $400 in One Hour

Bitcoin fails at breaking the $11,000 price mark again and drops $400 in less than one hour

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Friday, Sept. 6 — The Bitcoin (BTC) price is holding around the $10,400 price mark after the largest cryptocurrency got rejected in its attempt to break $11,000.

Market visualization

Market visualization. Source: Coin360

Bitcoin was well on its way to the $11,000 price mark, hitting an intraday high of $10,895 when it lost $400 in less than an hour of trading. At press time the world’s most popular cryptocurrency is trading at $10,350, down 2.12% on the day.

Bitcoin’s 24-hour price chart

Bitcoin’s 24-hour price chart. Source: Coin360

The upward momentum seen in the 12% seven-day gains excited analysts, however, bullish  sentiments could be short-lived now that Bitcoin has yet again failed to break the $11,000 mark.

Cointelegraph reported earlier that Filb Filb, a popular Bitcoin trader, had pointed to the launch of institutional trading platform Bakkt later in September as a deciding moment for Bitcoin. “Bitcoin continues to consolidate above $10k,” he stated, adding: 

“A lot of people are hoping to get bids filled below $9k; the market rarely gets what it wants and I wouldn’t be surprised if they are forced to buy higher. But let’s see what happens with the launch of Bakkt.”

The number one altcoin Ether (ETH) is also taking a sharp nosedive and is currently trading at $169 per coin, down 2.44% on the day.

Ether 24-hour price chart

Ether 24-hour price chart. Source: Coin360

Ripple’s XRP token, which has been trading completely flat for the better part of the week, is in the midst of a downward price trend showing a loss of around 1.97% on the day. At press time, the world’s third-most popular coin is trading at $0.25.

XRP 24-hour price chart

XRP 24-hour price chart. Source: Coin360

Mostly losers among the top-20 coins

The worst-performing top 20 altcoins are IOTA (MIOTA) down 4.41%, TRON (TRX) down 5% and Algorand (ALGO), which is seeing a whopping 17.73% loss over the 24-hour period at press time. 

On Sept. 1, well-known crypto analyst Josh Rager took a shot at Tron founder Justin Sun and accused him of buying 5,000 to 6,000 Twitter followers a day.

Only three out of top-20 coins by market cap are seeing minor gains at press time, with Bitcoin SV (BSV) showing negligible gains of 0.22% on the day. 

The overall crypto market capitalization is $262 billion as of press time, with Bitcoin’s share accounting for 70.9% of the total.


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Bitcoin fails at breaking the $11,000 price mark again and drops $400 in less than one hour

Bitcoin Nears $11,000 Mark While Altcoins See Mixed Results

Bitcoin Nears $11,000 Mark While Altcoins See Mixed Results

Bitcoin continues to gain momentum this week, up from around $9,500 and nearing $11,000, while altcoins see mixed results

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Sunday, Aug. 4 — Bitcoin (BTC) has continued to gain momentum today, with its price nearing the $11,000 mark. The top 20 cryptos by market capitalization are seeing mixed results on the day, with most gains and losses around or under 2%.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin has seen a major bullish move this week, up 15% from around $9,500 to almost $11,000 at press time. Over the past 24 hours, Bitcoin has continued to grow steadily, having its price increase by 1.66% to $10,944 at press time.

Bitcoin 7-day price chart. Source: Coin360

Bitcoin 7-day price chart. Source: Coin360

Ether (ETH), the second cryptocurrency by market cap, is down around 0.6% to trade at $219.95. Still, over the past week, Ether is up almost 6%, according to CoinMarketCap.

Ether 7-day price chart. Source: Coin360

Ether 7-day price chart. Source: Coin360

XRP, the third top cryptocurrency by market capitalization, is seeing gains at press time, up 1.76% to $0.322 over the past 24 hours, growing 4% over the past seven days.

Ripple 7-day price chart. Source: Coin360

Ripple 7-day price chart. Source: Coin360

Tezos (XTZ), the 15th top cryptocurrency by market cap, has seen the biggest gains among the top 20 coins over the past 24 hours. At press time, XTZ is up 7.97% to trade at $1.48, according to Coin360.

Moreover, Tezos is also the winner of the week, having its price skyrocketed by around 47% over the past seven days. On July 30, Cointelegraph reported that major American crypto exchange Coinbase will list Tezos on its professional trading platform on Aug. 5.

In contrast, Chainlink (LINK), the 17th biggest coin by market cap, is seeing the largest losses out of the top 20, down 3.94%, according to Coin360.

Total market capitalization amounts to $284 billion at press time, up from around $260 billion seven days ago. Daily trade volume slightly declined from its weekly highs to $47 billion at press time, according to CoinMarketCap.

Yesterday, American broadcaster and major Bitcoin bull Max Keiser predicted on Twitter that Bitcoin price will cross $15,000 this week, arguing that confidence in centralized money and institutions is at a multi-decade low. Earlier in July, Keiser made another bullish forecast for Bitcoin, claiming that the upcoming crypto rally will not include altcoins.

Meanwhile, Bitcoin’s market share has been steadily breaking yearly records over the past week, up from 64% to 66.8% at press time.

Bitcoin’s dominance on the market over the past year. Source: CoinMarketCap

Bitcoin’s dominance on the market over the past year. Source: CoinMarketCap

Recently, Cointelegraph reported on crypto index provider Bitwise suggesting that Facebook’s cryptocurrency project Libra fast-forwarded crypto’s future by two to three year.

Keep track of top crypto markets in real time here


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Bitcoin continues to gain momentum this week, up from around $9,500 and nearing $11,000, while altcoins see mixed results

Bitcoin Retakes $11,000 Following Turbulent Week in Crypto

Bitcoin Retakes $11,000 Following Turbulent Week in Crypto

Bitcoin retakes $11K following turbulent week for crypto

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Charts Courtesy of Coin360.com

Charts Courtesy of Coin360.com

July 20 — Bitcoin (BTC) has retaken the $11,000 price point on the heels of a turbulent week. 

Charts Courtesy of Coin360.com

Charts Courtesy of Coin360.com

After a bull market at the end of June brought the price of BTC to almost $14,000, the coin had largely been maintaining between $10,000 and $13,000 for most of the past month, briefly cracking $11,000 on July 15 before slipping below the $10,000 price point on July 16. For the past three days, BTC has been in the $10,000 range, but had faltered at the $11,000 resistance until now.

Charts Courtesy of Coin360.com

Charts Courtesy of Coin360.com

The past week has seen some major hurdles for cryptocurrency at large, particularly within the United States. On July 11, President Donald Trump voiced his opposition to cryptocurrencies, particularly BTC and Facebook’s planned Libra, in a series of tweets, saying:

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” 

Trump’s tweets came days before hearings on Facebook’s Libra before the US Senate Banking Committee on Tuesday, July 16 and the House Financial Services Committee Wednesday, July 17. The two hearings left little doubt as to Congress’s attitude toward Libra, which was overwhelmingly negative. Representative Madeleine Dean commented:

“It’s tough to trust when the collection, storage and misuse of the information of your customers generated a $5 billion fine.”

While Libra’s outlook may be bleak, the significance of the hearings for Bitcoin — with a market cap of $196,266,374,749 as of press time, the largest cryptocurrency — has remained unclear. 

Today’s price rally may mean that the storm has passed for BTC.


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Bitcoin retakes $11K following turbulent week for crypto

Bitcoin Approaches $11,000 With All Top 20 in Green

Bitcoin Approaches $11,000 With All Top 20 in Green

After dipping below $9,500 earlier this week, Bitcoin approaches $11,000, while top 20 coins are seeing major gains

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Saturday, July 20 — crypto markets have seen another upward move, with all top 20 coins by market cap seeing major gains, while Bitcoin (BTC) has approached $11,000 mark again.

Market visualization from Coin360

Market visualization from Coin360

After dipping below the $11,000 threshold on July 14, Bitcoin has approached the price point today, with its intraday high of $10,944, according to data from CoinMarketCap. The biggest cryptocurrency added 3.7% to its price to trade at $10,922 at press time. As Bitcoin has seen significant volatility this week, with its price having dipped below $9,500, the cryptocurrency is down around 3% over the past 7 days at press time.

Bitcoin 24-hour price chart. Source: Coin360

Bitcoin 24-hour price chart. Source: Coin360

Ether (ETH), the second cryptocurrency by market cap, is up over 5% and trading at $232 at press time. The top altcoin is down 13.4% over the past 7 days.

Ether 7-day price chart. Source: Coin360

Ether 7-day price chart. Source: Coin360

Ripple (XRP), the third top cryptocurrency by market cap, added 6.4% to trade at $0.339, also seeing a notable growth over the past 7 days, adding up to about 2.6%.

Ripple 7-day price chart. Source: Coin360

Ripple 7-day price chart. Source: Coin360

Bitcoin SV (BSV), the ninth top cryptocurrency by market cap, has added over 25% to its value today, seeing the biggest growth among the top 20 coins by market cap.

As of press time, total market capitalization amounts to $298 billion after that number dropped below $250 billion earlier this week. Daily trade volume amounts to around $63 billion.

The new wave of green on crypto markets follows a recent bullish prediction by managing director and quant strategist at Fundstrat Global Advisors Sam Doctor, who suggested that much-anticipated Bakkt’s Bitcoin futures contracts will launch in Q3 2019.

Additionally, India’s Minister of State for Finance Anurag Thakur said yesterday that there is no legislation in India that expressly bans citizens from using cryptocurrencies.

Keep track of top crypto markets in real time here


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After dipping below $9,500 earlier this week, Bitcoin approaches $11,000, while top 20 coins are seeing major gains

Bitcoin Price Eyes $11,000 After Mnuchin Speech and Possible ‘Bear Trap’

Bitcoin Price Eyes $11,000 After Mnuchin Speech and Possible ‘Bear Trap’

Altcoins still bear the brunt of losses as Bitcoin slowly recovers

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Bitcoin (BTC) appeared ready to tackle $11,000 once again on July 16 after bouncing off lows as the United States government re enforced its position on the industry.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Data from Coin360 placed BTC/USD at $10,715 on Tuesday, the pair having gained $800 over the past 24 hours.

On Monday, U.S. Treasury Secretary Steve Mnuchin had given mixed signals about Bitcoin at a dedicated cryptocurrency press conference, with reactions nonetheless showing signs of broad relief about future policy. 

Previously, concerns had mounted that president Donald Trump, after a Twitter tirade last week, could attempt to force through a de facto ban on trading Bitcoin in the U.S.

Now, analysts looking for signs Bitcoin could upend its latest bearish moves have something to watch for. 

Josh Rager, the investor and trader currently giving daily updates on BTC/USD, suggested a bullish perspective should take over once the pair achieves a daily close above resistance at $11,153.

Conversely, a close below $10,191 would constitute a bearish signal, he said on Monday, while between the two levels is “neutral” territory.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Fellow regular contributor Filb Filb meanwhile also urged caution, despite Bitcoin price following his prediction of a bounce higher at $10,600.

The analyst had previously warned that lower lows were imminent in the face of a further nudge downwards for Bitcoin at the start of the week, something which did not materialize.

“I would like to see us bounce at $10,600 as a good sign that the bulls want to go higher should it come that low. Despite my bearish opening thoughts today, I need more convincing that the bulls aren’t done yet and this was not another bear trap,” he told Telegram followers.

Compared to altcoins, however, Bitcoin remains firmly on top, setting a two-year record market cap share of almost 67% as other tokens languished.

Ether (ETH) managed to avoid further losses Tuesday, trading flat at $227 following a week of heavy bearish moves.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Bitcoin Cash (BCH) and Bitcoin SV (BSV), Monday’s worst performers in the top twenty, meanwhile managed to recover some of their own losses, both rising around 8%. 

Others fared comparatively worse, with Binance Coin (BNB) and Stellar (XLM) both shedding around 1.5%.

Keep track of top crypto markets in real time here


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Altcoins still bear the brunt of losses as Bitcoin slowly recovers

Bitcoin Price Tests $11,000 Support After Failing to Make Higher Highs

Bitcoin Price Tests $11,000 Support After Failing to Make Higher Highs

Ups and downs continue for Bitcoin Friday as $11,000 forms new focus

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Bitcoin (BTC) was challenging $11,000 support July 5 after a slight downturn made it temporarily lose ground.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Data from Coin360 showed BTC/USD above $11,155 but still nursing 4.2% daily losses. The pair had climbed to over $12,000 on Wednesday, subsequently hovering at $11,700 before momentum waned. Friday’s low came in at $10,700. 

The behavior continues a trend of volatility which has seen bitcoin fluctuate between $9,700 and $13,800 over the past ten days alone. 

Keep track of top crypto markets in real-time here.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Analysts have repeatedly been caught by surprise by the moves, which seemed to defy expectations to give the current bull run an unusual feel. 

“There is a striking similarity between the bottom bounce from 3k and the dump from 14k,” Filb Filb wrote in new comments Friday.

“Finding support around 10k would be best bullish hopium (in my opinion).”

Filb was referencing bitcoin’s initial surge from $3,000 which occurred in March with April triggering the start of three months’ upwards bullish trend, which broadly remains intact. 

Others increased existing concern for altcoins, which linger at lows against BTC as market dominance increasingly shifts. Bitcoin currently represents 62% of the total, around its best share since 2017. 

Investor Josh Rager highlighted the plight of ethereum (ETH), which in BTC was challenging support not seen since 2016.

“…As long as Bitcoin continues its Dominance % this will not go well for ETH or most alts,” he summarized. “Bitcoin should be the focus at the moment.”

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Ethereum lost 2.9% in USD terms over the past 24 hours to hit $287, while others lost more, such as Ripple (XRP), which shed 4.4%.

Keep track of top crypto markets in real time here.


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Ups and downs continue for Bitcoin Friday as $11,000 forms new focus

Bitcoin Falls Under $10,700 as Top Cryptos See Mixed Movements

Bitcoin Falls Under $10,700 as Top Cryptos See Mixed Movements

After briefly reaching $11,000, bitcoin has corrected downward to trade under $10,700

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Monday, June 17 — Most of the top 20 cryptocurrencies are reporting mixed movements on the day by press time, as bitcoin (BTC) trades under the $10,700 mark.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin is currently down over 4.65% on the day, trading around $10,644 at press time, according to Coin360. Looking at its weekly chart, the coin is up over 16%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

As Cointelegraph reported yesterday, bitcoin crossed $11,000 in under 24 hours after crossing $10,000.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at over $32.8 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $19.9 billion at press time.

Coin360 data shows that ether’s price has decreased by 1.69% over the last 24 hours. On the week, the coin has also gained over 13% in value. Just yesterday, ether hit a 10-month high.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

XRP is up just over 1% over the last 24 hours and is currently trading at around $0.473. On the week, the coin is up about 12%.

XRP 7-day price chart

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, both bitcoin cash (BCH) and tron (TRX) are seeing reasonable gains, both trading up over 4% at press time to trade at $478.68 and $0.036, respectively.

At press time, the total market capitalization of all cryptocurrencies is $324 billion, over 14.8% higher than the value it reported a week ago.


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After briefly reaching $11,000, bitcoin has corrected downward to trade under $10,700