After charting a new all-time high of some exchanges, Bitcoin has retraced slightly to beneath $19,500. Some alternative coins have surged in the past 24 hours, resulting in the total market cap reaching its highest level since yearly 2018.
The word ‘boring’ rarely has a place in the cryptocurrency industry. The price developments in the past several days have only confirmed this.
Bitcoin went from a yearly high of $19,500 to $16,250 in hours. After gradually reclaiming the $17,000 and $18,000 price tags, it took a few more days for BTC to recover fully.
However, the cryptocurrency continued further upwards after overcoming $19,000. As CryptoPotato reported yesterday, this resulted in painting a new all-time high (at least on some digital asset exchanges).
Bitcoin went as high as $19,860 (on Bitstamp) before losing some steam and dipping below $19,500 – where it’s situated as of writing these lines.
The technical indicators suggest that the next significant resistance line lies at $19,900. Should BTC conquer it, the asset could spike into uncharted territory above $20,000.
Alternatively, Bitcoin could rely on $19,440, $18,800, and $18,240 as support in case of a price breakdown.
Most alternative coins have been on a tear after the Thanksgiving massacre. The situation has intensified for some since yesterday.
Ethereum has surged above $600 again as anticipation for the ETH 2.0 release is building up. Ripple has added 4% of value and trades north of $0.65.
Binance Coin (5%) has returned to the top ten by replacing Stellar. Bitcoin Cash (7.5%), Chainlink (3.5%), and Polkadot (2.3%) are also in the green.
However, the most impressive gainer from the top ten is Litecoin, with a double-digit price increase (11%). As a result, LTC has neared $90.
SushiSwap has surged the most since yesterday with 31% and sits close to $2. Horizen (15%), BitTorrent (15%), Nexo (10%), and Ocean Protocol (10%) are next.
Ultimately, the cryptocurrency market cap has benefited from these price developments. The cumulative market capitalization of all digital assets reached $584 billion a few hours ago. Thus, it surpassed the previous yearly high marked on November 25th of $582 billion.
It’s worth noting that this is the highest level since January 2018.
