Bullish Weekend: Crypto Market Cap Gains $4 Billion, Bitcoin Awaiting Next Move

Bitcoin has overcome the recent price dip beneath $11,300 and currently hovers around $11,400. Most alternative coins have displayed relatively strong performances and the total market cap increased over the weekend.

Bitcoin Back To $11,400

Bitcoin traded around $11,350 yesterday after a calm 24-hour period despite potentially impactful news coming from the popular cryptocurrency exchange OKEx. As CryptoPotato summarized, the platform suspended withdrawals after its founder was reportedly taken by the police and hadn’t returned to work yet.

Similar events generally drive serious volatility for the market. However, apart from a brief $350 price dip, BTC showed stability on Saturday.

Some of the volatility returned in the past 24 hours as Bitcoin painted a sharp price pump from beneath $11,300 to above $11,400. Since then, the asset fluctuated a bit back to the initial level before reclaiming some ground to its current level – just above $11,400.

If the first and second support lines at $11,300 and $11,150 couldn’t keep BTC in case of another price drop, the cryptocurrency might head even lower to fill the CME gap at $11,100.

Should Bitcoin rise in value again, the resistance levels in its way would be at $11,500 and $11,800.

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BTC/USD. Source: TradingView

Calm Alternative Coins

The past 24 hours have been relatively uneventful price-wise for most altcoins as the increases were rather small, though most them are trading in the green. Ethereum managed to push higher and is now trading around $372. Ripple hasn’t moved in either direction either, and XRP sits just above $0.24.

Polkadot has gained the most from the top 10 cryptocurrencies. DOT’s 4% increase has driven the asset above $4.1. Binance Coin and Chainlink have jumped by about 1% since yesterday.

In contrast, Bitcoin Cash has lost slightly over 1% of value and trades below $250.

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Cryptocurrency Market Overview. Source: Quantify Crypto

Somewhat expectedly, more volatility is evident from lower-cap altcoins. Ampleforth leads with a 34% price jump to $1.25. Reserve Rights has surged by 15% to $0.011. Arweave (8%), Aave (6%), and Ren (5.8%) are also in the green.

Contrary, Filecoin has continued its recent free-fall. After the recent hype and listings on several prominent exchanges, FIL has dumped in value to below $40. On a 24-hour scale, FIL is down by 16%.

Another token that has seen better days is OKEx’s native cryptocurrency. Following the news mentioned above, OKB started plummeting. The situation has worsened since yesterday, and a 15% price dump has taken OKB to $4.3. Just a few days ago, the asset traded above $6.

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Source: Crypto Potato