The cryptocurrency market is back on a more positive footing in the past couple of days. This had Bitcoin top $20K and even close a daily candle above the critical level, while some altcoins are charting impressive gains.
For the first time since September 17th, the primary cryptocurrency by means of total market capitalization closed a daily candle above $20K. This is one of the most important levels, albeit part of a larger trading range between $18K and $24K that BTC seems to be stuck in for quite a while. It’s also worth noting that this was the highest daily close in roughly 24 days.
This is a positive sign, despite the global macroeconomic remaining uncertain. $20K is a major psychological and technical level, and if the price can remain above it, this could open the way for a further increase.
However, at the time of this writing, BTC trades at around $20,100, and it’s important to see if this newfound bullish momentum can sustain.
As seen in the chart above, the price is currently retracing after reaching almost $20,500 yesterday.
Altcoins are also trading in the green, but most of the increases are not so significant. Of the top 10 cryptocurrencies by market cap, it’s Ripple (XRP) and Dogecoin (DOGE) that lead the way with 3.6% and 6.2% gains, respectively.
That said, GMX is the altcoin with the most impressive performance in the past 24 hours. The native token of the popular decentralized derivatives exchange is up 30%. This took place after Binance – the world’s foremost cryptocurrency exchange – announced that it will list GMX in its innovation zone.
On the other hand, EVMOS is the coin that lost the most in the past day, down over 4% during the period.
It remains interesting to see whether this newfound positive momentum can be sustained or if the broader uncertainty will take its toll and push the prices down.
