Market Watch: ETH Madness, While Bitcoin Finally Breaks Out
Bitcoin has finally broken out of its range between $33,000 and $35,000 and neared $37,000. Most alternative coins are also well in the green, including a new ATH for Ethereum. Meanwhile, the total market cap eyes $1.1 trillion.
Bitcoin Breaks Above $35K
After the highly-volatile end of last week when Elon Musk put Bitcoin as the only word in his Twitter bio which caused $6,000 moves in both directions, BTC retraced and calmed in a range between $33K and $35K.
The cryptocurrency remained there in the next few days before finally breaking out of the consolidation triangle in the past 24 hours.
The initial leg up took BTC to $35,500 (on Bitstamp), while the subsequent one drove it to a high of almost $37,000. Although the primary cryptocurrency has retraced slightly, it’s still 3% up.
From a technical perspective, BTC has to overcome the next resistance lines at $37,000, $37,700, and $38,620 to aim for the coveted $40,000 price tag.
Alternatively, if the asset fails to sustain its run, the support levels at $34,500, $34,000, and $33,110 could assist.
Exploding Alts, $100B Added To The Market Cap
Most of the large-cap altcoin market remained relatively calm as well in the past several days. However, the situation has changed dramatically in the past 24 hours, especially for some.
As reported earlier, Ethereum spiked to a new all-time high. The latest price record for the second-largest cryptocurrency is now just shy $1,580.
Ripple has also bounced off from the recent dump and has added 6% of value to $0.38. XRP is among the most volatile tokens in the crypto field lately after being at the receiving end of a coordinated pump and a subsequent retracement.
Bitcoin Cash (6%), Binance Coin (2%), Chainlink (3%), Polkadot (7%), Cardano (2.5%), and Litecoin (12%) have also marked substantial gains.
Fantom continues to be the most impressive gainer from the top 100 for a second consecutive day with a 50% increase to $0.15. UMA (27%), Siacoin (20%), Terra (17%), SwissBorg (13%), Decentraland (13%), and Maker (12%) are next.
Ultimately, the total market cap has expanded by about $100 billion since yesterday’s low to $1.1 trillion.
