Bitcoin continues to increase in price slowly and is currently hovering at $11,650. Larger-cap altcoins are in the green as well, as Ethereum’s 4.5% increase has taken ETH to $420.
The top ten cryptocurrencies have been recovering since last week’s dumps, and most of them have marked gains in the past 24 hours. Ethereum is among the leaders with a 4.5% surge, and ETH is trading at above $420. On a weekly scale, this is a 12% increase for Ether after bottoming at $380 several days ago.
Litecoin is up by 6% to $62, Ripple (2%) to $0.285, Bitcoin Cash (2.3%) to $277, BitcoinSV (2.8%) to $197, and Binance Coin (2%) to $23.5.
Sushi farming is attracting attention again, with two of its representatives surging by double-digit percentages. UMA is the most significant gainer of the day, with nearly 50%, and Ampleforth follows with 27%.
Reserve Rights (23%), Flexacoin (15%), Aragon (14%), Ziliqa (13.5%), NXM (12%), and bZx Protocol (10%) are also registering serious price increases.
DFI.Money is retracing by 22% after surpassing $5,500 yesterday. Terra (-7%), Golem (-6%), and Status (-5.4%) are also in the red.
Yearn.Finance has lost 3% of its value since yesterday’s pump to nearly $40,000. Nevertheless, YFI’s price continues to impress the community at $32,500.
The primary cryptocurrency has successfully recovered from its weekly low to $11,100 charted last week following the US Federal Reserve’s announcement that it plans to target an average inflation rate of 2%.
Just a few hours ago, Bitcoin marked its intraday high of over $11,720 but couldn’t sustain it and retraced slightly to approximately $11,670. BTC sits above a significant resistance at $11,600. If the asset reaffirms its position above it, it could head further north to the next resistance at $11,800, followed by the psychological level of $12,000.
In case of a breakdown, the first support lies at $11,300. Below that, BTC could test $11,000, before $10,500 – the previous 2020 high marked in February this year.
Altcoins’ gains continue to put pressure on Bitcoin’s dominance over the market. After losing 1% yesterday to 58.4%, the metric comparing BTC’s market cap against all other coins has further decreased to 57.9%.
This post was first published on Aug 31, 2020.
