After flirting with the coveted $50,000 price tag, BTC has initiated a leg up that has spiked the price above it. Will this flit be longer than the last ones? only time will tell.
Meanwhile, most altcoins have also followed their leader on its way north. Ethereum, the second-largest crypto, has neared $1,700 just two days after bottoming at $1440. The total market cap has added $100 billion in a day.
Ever since BTC retraced by $7,000 from the $52,500 price level reached on Wednesday, the cryptocurrency has failed to breach above $50,000.
Bitcoin then came the closest during yesterday’s trading session, as the asset traded near that level, but a subsequent rejection drove it back to $47,000.
The situation has changed since then, though. The primary cryptocurrency had seen a slow but steady increase throughout the past hours, and as of now, trading safely above the $50K mark, with a current daily high at $50,870 according to Bitstamp.
From a technical standpoint, this level is the first major resistance in BTC’s way up. If conquered decisively, the following obstacles lie at $52,000 and $52,500 (the weekly high reached on Wednesday).
Alternatively, the support lines lie at $50K, $48,000, $47,200, and $46,000, and might assist if the price retraces again.
Given the cryptocurrency’s high correlation with the US stock markets as of late, we have to keep in mind that this BTC price spike comes during the weekend – when the global markets are closed for trading. It will be interesting to see how Wall Street futures will open up (Sunday afternoon U.S. timezone).
The altcoin markets went down with bitcoin during the last weekdays, but similarly to its leader, altcoins have increased during the current weekend. The total market cap has increased by more than $100 billion in a day to nearly $1.550 trillion.
Ethereum soared yesterday to $1,600, but the second-largest cryptocurrency has added another 6% of value only in the past 24 hours and is now trading just below $1700.
UNI, the latest representative of the top ten coins by market cap and the native token of the largest decentralized exchange UNISWAP, has pumped by 7% and has spiked above $30. Polkadot (1%), Litecoin (1.5%), and Chainlink (3%) are also slightly in the green.
In contrast, Cardano, Binance Coin, and Ripple have painted minor losses on a 24-hour scale.
The most significant gainer from the top 100 coins is OCEAN Protocol, with a 35% surge to $1.5. Chiliz (22%), Reserve Rights (10%), Bancor (10%), and OMG Network (10%) are the other representatives of the double-digit price increase club.
Despite the bullishness, Terra (-8%), ZKSwap (-8%), Fantom (-5%), and PancakeSwap (-5%), have dropped in value.
