Following the massive surge towards a new all-time high of nearly $24,000, bitcoin dipped and calmed around $23,000. Some alternative coins, such as Litecoin and Ripple, have added value in the past day resulting in the total market cap tapping $670 billion.
Bitcoin consolidated around the $19,000 mark for a few days before initiating an impressive leg up that resulted in breaking a few records.
Initially, the primary cryptocurrency breached above $20,000 for the first time. Although this was a historical moment of its own, BTC wasn’t done and continued further north.
In the following hours, bitcoin added nearly $4,000 of value and painted a fresh ATH of almost $23,800 (on Bitstamp).
The increased fluctuations continued, but this time in the opposite direction, and BTC lost $1,400 to a low of $22,400. Nevertheless, BTC has bounced off and currently sits around $23,000.
The technical indicators suggest that the following resistance lines are situated at major psychological levels – $24,000, $25,000, etc.
Alternatively, the support lines at $22,250, $21,400, and $20,700 could assist in case the trend reverses, and BTC heads south.
Most alternative coins followed bitcoin on the way up with some impressive gains registered in the past few days. While a number of altcoins, such as ETH, Bitcoin Cash, Binance Coin, Chainlink, Polkadot, and Cardano, have stalled on a 24-hour scale, others like Ripple and Litecoin have continued marching forwards.
XRP has added another 6% of value and is close to challenging $0.60. On the other hand, LTC has exploded by 16% and broken above $100 for the first time since mid-2019. The coin described as the silver to bitcoin’s gold has painted a new yearly high of $112.
Further gains are evident from lower- and mid-cap altcoins. NEM has increased by 6% to $0.27. Decred (5.5%), SwissBorg (5.3%), Nexo (5.2%), and ABBC Coin (5%) follow.
The cumulative market capitalization marked a new high since January 2018 of $670 billion a few hours ago. As such, the metric has added $100 billion in two days and $150 billion in a week.
