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
 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD trapped under short-term trendline

Bitcoin (BTC) is changing hands at $9,750, mostly unchanged both on a day-to-day basis and since the beginning of the day. The first digital asset recovered from Monday's low of $9,469, however, an upside momentum faded away on approach to $9,800. 

More Bitcoin News

NEO/USD bullish following Binance Futures support

NEO is in the green on Monday during the European trading session. The bullish momentum is taking action after a couple of days of the bulls enduring battering from the bears.

More NEO News

ETH/USD tug of war at $270 intensifies as $280 beckons

Ethereum managed to stay above the support at $240 during the bearish Monday. Also contributing to the support was the long term ascending trendline. The recovery from the support has been steady enough to hit levels slightly above $270. 

More Ethereum News

Ripple Price Analysis: XRP/USD is bearish as long as it stays below $0.30

XRP/USD recovered to $0.2950 during early Asian hours only to retreat to $0.2850 by the time of writing. Despite the sell-off, the third-largest digital asset is still nearly 2% higher from this time on Monday and mostly unchanged since the beginning of the day. 

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast

BTC

ETH

XRP