Cryptocurrency market update: Bitcoin slides below $3,500 as EOS zooms past Stellar (XLM) into 4th position

As we get ready for the Christmas and new year’s recess, the market is steadily gaining momentum. There was an incredible bullish move that swept across the market yesterday where gains were visible in terms of market capitalization. The market cap not only reclaimed position above the $100 billion mark, but also closed the day at $112 billon. At the time of writing, the market has corrected even higher to the current $113 billion.

Bitcoin price technical picture

The new Chief of Staff at Trump’s White House has recently showered Bitcoin with praises saying that the digital currency is good and “not manipulatable by any government.” He reckons that Bitcoin is the only way for financial systems to avoid the interference from the government. He blasted the Federal Reserve saying that it has “devalued the dollar as well as “choke(d) off economic growth.”

Like the majority of the assets in the market, Bitcoin corrected higher leaving the annual lows to reclaim position above $3,400 on Monday. The bullish momentum marked the return of the bulls as the investors faces shown with smile and hope that a reversal can make it $4,000 and preferably $5,000 before the end of the year. However, after Bitcoin stepped above $3,500, it could not sustain further upside move past $3,538.79 (intraday high on Tuesday).

The trend at the moment is still strongly bullish although Bitcoin has slipped below $3,500. The asset is down 1.36% on the day and is trading at $3,450. Bitcoin has is back inside the range resistance at $3,500 and the support at $3,100. The path of least hurdles is to the south, at least for now.

On the other hand, EOS has increase its market capitalization significantly to the extent of surpassing Stellar (XLM) to become the 4^th largest digital asset. It is trading at $2.39 and has a market cap of $2.16 billion with its 24-hour trading volume standing at $1.23 billion. Stellar is trading at $0.1083 and has a market capitalization of $2.08 billion. Stellar’s 24-hour trading volume stands at $98.61 million.