Cryptocurrency Market Update: Bitcoin and major altcoins start the trip to the moon

  • Bitcoin has hit a new high of 2020 amid strong bullish momentum.
  • Altcoins are driven higher by a combination of bullish sentiments and technical factors.

The cryptocurrency market has been growing strongly following the successful launch of options on Bitcoin futures on CME. Positive momentum has been increased by technical factors as Bitcoin and may altcoins broke crucial resistance levels and thus attracted new speculative buyers to the market. The cryptocurrency market capitalization increased to $228 billion, while an average daily trading volume reached $99 billion. Bitcoin's market dominance is registered at 68.1%.

Bitcoin (BTC) price update

The largest cryptocurrency by market capitalization hit the intraday high at $8,587 during early Asian hours and retreated to $8,517 by. press time, The coin has gained over 5% both on a day-to-day basis and since the beginning of the day. Despite the retreat, BTC/USD is still trading above critical $8,500, reinforced by 50% Fibo retracement for the upside move from December 2018 low to July 2019 high. While the short-term trend remains bullish, the intraday volatility has been decreasing gradually.

BTC/USD 1-hour chart

Ethereum (ETH) price update

Ethereum’s price action took it above $151.00 to an intraday high of $151.61. The strong bullish move was triggered by a decisive breakthrough above $148.00. The prevailing short-term trend is bearish as the coin has been in retreat from the recent high, though the longer-term perspectives look good as long as it stays above $150.00.

ETH/USD 1-hour chart

Ripple's XRP price update

Ripple came close to the highest level of $0.2255 and retreated to $0.2200 by press time. The third-largest digital asset has been growing steadily after the resistance of $0.2100 gave way. XRRP/USD has gained 4.5% since the beginning of Monday, moving in sync with the market. The short-term trend is bullish.

XRP/USD 1-hour

Best-performing altcoins out of top-20

Bitcoin SV (+25%) - $204.93

Dash (+23%) - $81.00

Litecoin (+7.6%) - $53.96

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