Cryptocurrency Market News: Bitcoin break above $10,000 imminent even as Ethereum longs surge
|Here is what you need to know on Monday
Markets:
Bitcoin bulls are still focused on breaking the resistance at $10,000. The weekend session was characterized by increased selling pressure. For instance, a bearish price action confirmed the support at $9,500 before the Asian session on Monday turned bullish. BTC/USD has advanced higher by 2.14% on the day; from the opening value of $9,672 to $9,874 (market value). An intraday high was reached at $9,957 (marking the end of the brief bull-run. At the time of writing, the trend has started to turn bearish once again while the volatility remains high.
Read more: Bitcoin Price Analysis: BTC/USD on verge of breaking $10,000 resistance
As reported earlier, Ethereum is among the biggest single-digit gainers of the day. The second-largest cryptocurrency has corrected upwards from $207 (opening value) to $216 (prevailing market value). Ether’s trend is strongly bullish and coupled with the high volatility, the price is likely to shoot upwards while aiming for $220 and $230 respectively.
XRP/USD has not been left behind by the ongoing bullish wave. The crypto is up 3.15% on the day to trade at $0.2075. On the upside, XRP is dealing with the resistance at $0.21. The high volatility and strong bullish grip show the potential for more upward action.
Read more: Ripple Price Analysis: XRP/USD bounces off $0.20 support, will the bulls conquer descending trendline resistance?
On a wider scope, Litecoin (LTC) is among the best-improved coins of the day. LTC/USD is up 5.66% and followed closely by Bitcoin Cash (5.24%). Other cryptocurrencies in the top 30 performing exceptionally on Monday include Dash (4.23%), EOS (4.53%), Monero (4%), Ethereum Classic (3.64%) and NEO (3.52%).
Chart of the day: BTC/USD daily
Market
Ethereum is experiencing an avalanche in long positions especially on Bitfinex, one of the leading futures trading platforms in the industry. Data shows over a million Ether has been added to the long positions in spring alone; representing 1% of the network’s total supply. It is also twice the previous long amount. On the other hand, short positions fail to match up to the longs as they currently stand at roughly 125,000 ETH. In other words, many traders are betting on Ethereum price being able to rally in the near term. The positive sentiments are attributed to the soon to launch ETH 2.0 staking.
Industry
JCB, the largest credit card issuer in Japan is reportedly partnering with TECHFUND, a renowned technology accelerator to develop a robust transaction system using blockchain. A recent statement by JCB said that the collaboration hopes to tap into TECHFUND’s expertise especially on security token offerings (STOs) as well as staking, to build a platform that will support huge volume transactions. JCB has recently shown immense interest in the blockchain technology to the extent of planning to take on a new business-to-business (B2B) payment solution mainly based on the technology.
Quote of the day
Bought more gold silver Bitcoin. GOLD [currently] at $1700. Predict $3000 in 1 year. Silver [currently] at $17. Predict $40 in 5 years. Bitcoin [currently] at $9800. Predict $75000 in 3 years. (@Robert Kiyosaki).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.