Following the massive surge towards a new all-time high of nearly $24,000, bitcoin dipped and calmed around $23,000. Some alternative coins, such as Litecoin and Ripple, have added value in the past day resulting in the total market cap tapping $670 billion.
Bitcoin Paints A New ATH And Slides To $23K
Bitcoin consolidated around the $19,000 mark for a few days before initiating an impressive leg up that resulted in breaking a few records.
Initially, the primary cryptocurrency breached above $20,000 for the first time. Although this was a historical moment of its own, BTC wasn’t done and continued further north.
In the following hours, bitcoin added nearly $4,000 of value and painted a fresh ATH of almost $23,800 (on Bitstamp).
The increased fluctuations continued, but this time in the opposite direction, and BTC lost $1,400 to a low of $22,400. Nevertheless, BTC has bounced off and currently sits around $23,000.
The technical indicators suggest that the following resistance lines are situated at major psychological levels – $24,000, $25,000, etc.
Alternatively, the support lines at $22,250, $21,400, and $20,700 could assist in case the trend reverses, and BTC heads south.
Litecoin Above $100, Market Cap Touched $670B
Most alternative coins followed bitcoin on the way up with some impressive gains registered in the past few days. While a number of altcoins, such as ETH, Bitcoin Cash, Binance Coin, Chainlink, Polkadot, and Cardano, have stalled on a 24-hour scale, others like Ripple and Litecoin have continued marching forwards.
XRP has added another 6% of value and is close to challenging $0.60. On the other hand, LTC has exploded by 16% and broken above $100 for the first time since mid-2019. The coin described as the silver to bitcoin’s gold has painted a new yearly high of $112.
Further gains are evident from lower- and mid-cap altcoins. NEM has increased by 6% to $0.27. Decred (5.5%), SwissBorg (5.3%), Nexo (5.2%), and ABBC Coin (5%) follow.
The cumulative market capitalization marked a new high since January 2018 of $670 billion a few hours ago. As such, the metric has added $100 billion in two days and $150 billion in a week.
Source: Crypto Potato