Bitcoin Stalls At $11,400 as Chainlink Surges To The 7th Spot (Market Watch)

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Following yesterday’s slight retraces within the cryptocurrency market, most coins have charted green once more. Bitcoin has jumped to about $11,400, Ethereum nears $375, and further volatility comes from lower-cap altcoins.

Bitcoin Stands Solid Above $11k

As CryptoPotato reported a few days ago, Bitcoin broke above $11,000 after weeks of struggling beneath that level. Since then, the primary cryptocurrency hasn’t looked back and stands above it.

In the past 24 hours, BTC fluctuated quite a bit. The asset reached an intraday high of $11,440 (on Binance) before losing some steam and bottoming at $11,280. However, the bulls didn’t allow any further declines and drove the price upwards again. At the time of this writing, BTC hovers around $11,400.

It’s worth noting that despite the latest price increases, the community still appears rather pessimistic regarding BTC’s short-term future. The keyword “short” has reached a two-month peak suggesting that bears are expecting a price slump.

Should a price decline indeed materialize, Bitcoin can rely on $11,200, $11,000, and $10,800 as support. If BTC proves the skeptics wrong again and heads upwards, it needs to overcome the resistance lines at $11,500, $11,800, and $12,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Chainlink Takes The 7th Spot, Altcoins Follow BTC

Ethereum has mimicked Bitcoin’s moves with high fluctuations. On a 24-hour scale, though, ETH has jumped by about 1% and hovers around $375.

The most impressive gainer from the top 10 is Chainlink. LINK has increased by over 5% to about $11. As such, LINK has surpassed Polkadot (2.5%) for the 7th spot. Binance Coin (3.2%), Cardano (1.5%), and Litecoin (2%) are also in the green.

Cryptocurrency Market Overview. Source: quantifycrypto
Cryptocurrency Market Overview. Source: quantifycrypto

The most impressive gainer in the past 24 hours is Ren. After a 24% surge, REN has neared $0,40. On a weekly scale, the asset has skyrocketed by 45%. Interestingly, Binance Futures announced launching REN/USDT perpetual contract with trading opening tomorrow, which may be the reason behind the latest price increase.

Numeraire (12%), Monero (11%), Cosmos (11%), Zcash (11%), and Band Protocol (10%) have also jumped by double-digits.

PumaPay (-7%), Storj (-5%), and The Midas Touch Gold (-5%) have lost the most value since yesterday.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



Source link Crypto Potato

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