Following another dip to $17,600 bitcoin has bounced off and has reclaimed the $18K level. Most alternative coins have taken a breath of fresh air as well, and the market cap has gained about $20 billion since yesterday’s bottom.
Bitcoin Reclaims $18K
The primary cryptocurrency began gradually decreasing in value at the start of the week. After a few consecutive days of trading in the red, bitcoin dipped even further to $17,600.
Despite bouncing off initially, BTC failed to fully recover in the following days. This resulted in another drop, this time to about $17,500 (on Bistamp) – a new lower low.
The recovery was not late to come as the primary cryptocurrency refused to stay low and initiated a leg up shortly after. Firstly, BTC overcame $18,000 before spiking to its current price of about $18,350.
The technical indicators suggest that Bitcoin has to overcome the resistance lines at $18,500 and $18,800 to resume its late 2020 bull-run and challenge the coveted $19,000 level.
Alternatively, the support areas of $18,000, $17,260, and $17,000 could assist in case BTC heads south once again.
Altcoins In Green: Despite Ripple
During the past week’s price drops, the alternative coins suffered even more than Bitcoin, and the total market capitalization lost $50 billion in less than seven days.
However, most of the altcoins have bounced off from yesterday’s bottoms. just as Bitcoin did. Ethereum has increased by 4% on a 24-hour scale and has neared $560.
Bitcoin Cash (4%) trades above $265, Binance Coin (4.3%), is close to $28, Chainlink (5%) has risen north of $12, and Polkadot (4%) is at $4.8. Cardano and Litecoin have gained the most from the top ten (7%) and sit at $0.146 and $75, respectively.
Ripple is the only top ten token in the red with a 6% decline, as another classic case of “sell the news” event following the Spark (FLR) airdrop snapshot, which took place hours ago on December 12, 00:00 UTC time.
NEM and Monero are the most significant gainers since yesterday with double-digit increases. As a result, XEM is close to $0.24, while XMR has neared $150.
Verge (9%), Decred (9%), Waves (8%), Dash (8%), and Aave (7%) follow. Ultimately, the total market cap has added $20 billion in a day and currently displays $541 billion.
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Cryptocurrency charts by TradingView.