|

Cryptocurrency market update: Bitcoin comes close to $9,000

  • BTC/USD set the new high of 2019 amid strong bullish momentum.
  • Altcoins are also growing strongly amid positive fundamentals.

Cryptocurrency market rallied strongly during late Sunday hours and extended the upside on Monday. The total capitalization of all digital assets in circulation jumped to $269 billion, while an average daily trading volume hit $90 billion by the time of writing. 

As the signs of the upcoming mass adoption pile up, the market is more inclined to buy a cryptocurrency and embrace the digital future of money.

"Easier to spend means a greater-use case and a greater level of adoption. The tipping point is likely very close now," Mati Greenspan from eToro commented, as cited by Bloomberg.

Top-3 coins price overview

  • Bitcoin is changing hands at $8,740, off the intraday high hit at $8,944.  The first digital coin has gained nearly 8% in recent 24 hours amid keen buying interest. While the coin is vulnerable to the downside correction on approach to critical $9,000, a sustainable move higher will unleash a vast bullish potential.
  • Ethereum, the second largest digital asset with the current market capitalization of $28.4 billion, is trading at $268. ETH/USD has gained 7.5% in the recent 24 hours. The price tested waters above $272.00 barrier during early Asian hours but failed to keep the ground.
  • Ripple's XRP is hovering above $0.4100, with over 7% of gains since this time on Sunday.  The coin has retreated from the Asian high of $0.42 amid technical correction.

The biggest market-movers

  • TRON (TRZ) and Bitcoin SV (BSV) both gained over 18% in recent 24 hours and became the fastest growing coins out of top-20. TRX is chow changing hands at $0.0327, while one BSV goes for $107.27.
  • Litecoin is also doing a week with 11% of gains on a day-on-day basis. 

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Meme Coins Price Prediction: Dogecoin, Shiba Inu, Pepe rally on Venezuela’s shadow BTC reserve

Meme coins such as Dogecoin, Shiba Inu, and Pepe are leading the cryptocurrency market rally driven by the US cross-border operation to capture Venezuelan President Nicolás Maduro. Dogecoin extends its gain for the fifth consecutive day while SHIB and PEPE take a pause.

Cardano Price Forecast: ADA breaks above falling wedge, upside constrained by geopolitical risks

Cardano (ADA) steadies above $0.40 at the time of writing on Monday after a decisive close above the falling wedge pattern in the previous week. The derivatives market supports improving sentiment, with ADA’s Open Interest rising and long bets increasing among market participants.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – Bulls firmly in control as BTC breaks $93K, ETH and XRP extend gains

Bitcoin, Ethereum, and Ripple extended their rallies on Monday, gaining more than 4%, 6%, and 12%, respectively, in the previous week. The top three cryptocurrencies by market capitalization could continue to outperform, with bulls in control of the momentum.

Top Crypto Gainers: Brett, Bonk, Dogwifhat – Meme coins rally amid US-Venezuela tensions

Meme coins, including Brett (BRETT), Bonk (BONK), and Dogwifhat (WIF), lead the crypto market rally with double-digit gains over the last 24 hours following the US capture of Venezuelan President Nicolás Maduro on Saturday. Technically, meme coins could extend gains as bulls maintain firm control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.