After yet another all-time high painted just at the $49,000 price tag, bitcoin retraced slightly. Most altcoins also went up in the past 24 hours, and the total market cap painted a new record as well above $1.460 trillion. Interestingly enough, YFI has managed to surpass BTC in terms of dollar value.
BTC is having a compelling week as it exploded by about $7,000 on Monday following news that Tesla had purchased $1.5 billion in January. It went for a new record at the time, but the subsequent rejection drove it back beneath $45,000, where the cryptocurrency struggled for a few days.
Yesterday, though, the situation rapidly changed when the bulls initiated an impressive leg up that resulted in two consecutive all-time highs. Firstly, bitcoin spiked above $48,400 before doing it once more to just shy of $49,000 (on Bitstamp).
Following the latest record, BTC calmed and retraced to about 47,500 where it’s currently situated.
From a technical perspective, bitcoin’s first resistance lines are situated at $48,000 and $48,570. If conquered, the asset could head towards uncharted territory once more and reach the coveted $50,000 price tag.
Alternatively, the support levels at $46,400, $44,415, and $44,000 could assist in case the trend reverses, and BTC heads south again.
Most of the altcoin market has enjoyed the past several days with impressive performances and new records. In the past 24-hour alone, the larger-cap alts have calmed slightly, but the lower- and mid-cap ones have only intensified their gains.
Ethereum is about 2% up to above $1,770, while Bitcoin Cash has added 3% of value and has neared $530. Ripple is the most significant gainer from the top 10 with an 8% increase to $0.56.
Binance Coin (-1%), Cardano (-1%), Litecoin (-0.5%), Chainlink (-0.5%), and Polkadot (-0.2%) are slightly in the red.
As mentioned above, though, the situation further down the rankings is significantly different.
The Graph is the most substantial gainer with a 100% surge to $2.7. Nano (62%), Basic Attention Token (48%), Ocean Protocol (40%), Enjin Coin (34%), Fantom (30%), Cosmos (30%), and Yearn.Finance (28%) follow. Interestingly, YFI’s price is almost identical to that of bitcoin at above $47,000.
BTC’s new ATH and the alts’ gains pushed the total market cap to a new all-time high above $1.460 trillion. The metric has added over $300 billion since the dip on Sunday when it dropped to $1.120 trillion.
