Altcoins drive the rally, Bitcoin attempts to settle above $9,200

July 7, 2020 Editor Altcoin 0

  • The cryptocurrency market woke up from a prolonged period of hibernation.
  • Altcoins show better results, while Bitcoin lags behind.

The cryptocurrency market has come into motion on Monday as Bitcoin and all major altcoins have been slowly recovering from the lower boundaries of the recent consolidation channels. While the upside momentum is still weak, the chances are that we will see the end of the depressing range-bound trading and get some excitement. 

Meanwhile, the global stock markets are on the rise as bullish enthusiasm from China has triggered the upside momentum on the global equities despite lingering concerns about the second wave of COVID-19 and uncertainties about economic recovery. Later during the day, traders will be waiting for the final reading of U.S. services and composite PMIs and ISM non-manufacturing Index for June. Signs of improvement me prove supportive both for stocks and Bitcoin as the correlation between the assets has been on the rise recently.

Top-3 coins overview

BTC/USD tries to develop the upside move above $9,200. The first digital asset has gained 1.7% since the start of the day and nearly 2% since this time on Sunday; however, a sustainable move above $9,300 (the highest level of the previous week at $9,288) area is needed for the upside to gain traction.  Bitcoin’s market dominance reduced to 63.9%. as major altcoins demonstrate higher gains.

BTC/USD daily chart

ETH/USD jumped above daily SMA50 and hit the intraday high of $236.70. The coin has gained over 4% of its value in the recent 24 hours moving within a strong bullish trend. The next critical resistance is created by $240.00 While the support comes at $230.00 that served as an upside barrier during the previous week.

ETH/USD daily chart

XRP/USD is one of the best-performing altcoins out of top-five. The coin is changing hands at $0.1850, nearly 5% higher from this time on Sunday. A strong move above $0.1800 helped to create a bullish bias and bring the next critical target of $0.1900 into focus. The support comes at $0.1800. It is followed by the intraday low of $0/1772.

XRP/USD daily chart