Bitcoin initiated another impressive leg that resulted in charting a fresh new 35-month high at nearly $19,000. Only a few percentages from December 2017 all-time high. The altcoins have also painted notable price pumps, including a 25% surge for Ripple.
Just about five days ago, Bitcoin was struggling with decisively overcoming the $16,000 price tag. However, the primary cryptocurrency went on a roll since then, which drove it to $18,500 a few days ago. This became the highest price BTC had reached since January 2018.
Bitcoin’s volatility came to play again, as the asset retested $17,400 before getting back above $18,000. The situation accelerated yesterday. BTC was hovering just above $18,000 before the bulls stepped up and drove BTC firstly to the highest price since December 2017, as of now, at nearly $19,000.
From a technical analysis point of view, before BTC eventually reaches price discovery above $20,000, it would have to fight off the resistance lines at $18,950, $19,400, and $19,660. As of now, it seems like nothing can stop Bitcoin. Alternatively, BTC might rely on $18,500, $18,200, and $18,000 as support in case of a correction.
The alternative coins have followed, and some have even outperformed BTC’s latest price developments. Ripple is the most impressive gainer from the larger-cap altcoins. XRP has surged by 24% in a day and neared $0.38 as of writing these lines. This is XRP’s highest price level since June 2019.
Cardano has also experienced a significant price increase of over 15%. As a result, ADA has surged above $0.12.
Ethereum has jumped by 3% to its fresh 2020 high above $515. Bitcoin Cash (6%), Binance Coin (2.5%), Chainlink (3%), Polkadot (3%), and Litecoin (2.5%) are also in the green from the top 10.
Further double-digit gains are evident from NEAR Protocol (23%), OMG Network (23%), Algorand (14%), Stellar (13%), Balancer (13%), NEM (12%), IOTA (12%), Crypto.com Coin (11%), and Reserve Rights (10%).
Consequently, the total market cap has risen to $530 billion. The cumulative market capitalization of all cryptocurrency assets has added $160 billion in a month.
