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    Home » Market Updates » Market Watch: New ATH For BTC, Bitcoin Cash Records 10-Month High

    Market Watch: New ATH For BTC, Bitcoin Cash Records 10-Month High

    Author: Jordan Lyanchev

    Last Updated Dec 21, 2020 @ 11:07

    Bitcoin marched to another all-time high of $24,300 before dumping by $1,000. Bitcoin Cash surged to its 10-month high at $375.

    Bitcoin’s weekend ended with high volatility again with a new all-time high of $24,300 and a subsequent violent rejection to $23,100. Most alternative coins have stalled in the past 24 hours, except Bitcoin Cash – it has skyrocketed by 15% to its highest level since February.

    Bitcoin’s New ATH And Sharp Dump

    The past several days have been wildly bullish for the primary cryptocurrency. After finally breaking above the coveted $20,000 price tag, BTC continued forwards and charted a few consecutive all-time highs during the week.

    Bitcoin entered the weekend in consolidation mode, but it didn’t last long. As reported yesterday, BTC dropped by nearly $1,000 in hours.

    However, the bulls intercepted the move and didn’t allow any further declines. Just the opposite, bitcoin recovered the losses rather quickly and aimed higher again. This resulted in a new all-time high painted just a few hours ago of $24,300 (on Bitstamp).

    As it happened with the previous records, though, BTC was rejected and dumped by over $1,000 to a low of $23,100. Nevertheless, the asset bounced off and has neared $24,000 again.

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    The technical indicators suggest that the first resistance lines lie at $24,200, $24,500, and $25,000. On the other hand, the support levels are situated at $23,000, $22,250, and $21,400.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Chilling Altcoins, Exploding BCH

    Most altcoins mimicked BTC’s latest price developments. Ethereum dropped from $660 to $620 in minutes before bouncing off to $640. Ripple went from $0.585 to $0.535 and now sits at $0.555.

    On a 24-hour scale, both are slightly in the red. Chainlink (-2%), Polkadot (-2%), Cardano (-0.6%), and Litecoin (-5%) have also lost value.

    Binance Coin has increased by 3% and has neared $35. However, Bitcoin Cash has trumped all top 10 coins with an impressive 15% surge. As a result, BCH jumped to $375 a few hours back. This was BCH’s highest price tag since February 2020.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto

    Further gains are evident from Dash (7%), Ethereum Classic (6%), Bitcoin SV (6%), EOS (5%), and Siacoin (5%). In contrast, SushiSwap (-5%), Aave (-5%), Horizen (-5%), and Celo (-4.5%) have lost the most in a day.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.

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    Tags: Bitcoin (BTC) Price Bitcoin Cash (BCH) Price
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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