Bitcoin Price Battles for $36K As Market Cap Reclaims $1 Trillion (Market Watch)

BTC’s somewhat adverse weekend ended with the asset bottoming below $34,000, but bitcoin has bounced off since then and topped $36,000. New all-time highs for Binance Coin and Chainlink have helped the market cap to conquer the coveted $1 trillion level again.

Bitcoin Tops $36K

The primary cryptocurrency was riding high above $38,000 before the weekend, but the bears didn’t allow any further increases. Just the opposite, they drove BTC’s price south on a few occasions.

The asset dipped to $34,500 before recovering rather quickly to $38,000. However, bitcoin failed to maintain its price at such a high level and dumped once again. This time, it bottomed below $34,000 (on Bitstamp).

Nevertheless, the cryptocurrency has regained some traction since then and currently trades above $36,000. This was the first major resistance level in BTC’s way up, according to the technical aspects.

The following obstacles are situated at $36,700, $38,000, $39,700, and $40,000. Alternatively, BTC could rely on the support levels at $34,800, $34,000, and $33,130 if another retracement arrives.

 TradingViewBTCUSD. Source: TradingView

New ATHs For BNB And Link

Most large-cap altcoins have remained relatively steady on a 24-hour scale. Ethereum, Ripple, Bitcoin Cash, Polkadot, Cardano, and Stellar have shown little-to-no movements. As a result, ETH is at $1,220, XRP – $0.28, BCH – $480, DOT – $17.5, ADA – $0.38, and XLM – $0.3.

However, Chainlink and Binance Coin have stolen the show with massive gains and new records. LINK has exploded by almost 10% and painted a new all-time high above $23 earlier today.

Just a day after Binance announced the 14th token burn, the native cryptocurrency of the leading exchange went for a new record of nearly $47.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from lower- and mid-cap altcoins. The Graph leads the way with a 40% surge. Aragon (37%), Horizen (34%), OMG Network (33%), Kusama (30%), Waves (28%), Curve DAO Token (20%), Ocean Protocol (18%), Voyager Token (15%), Solana (13%), and Yearn.Finance (12%) follow.

More impressive is what happened to the DeFi space in the past couple of days. Since January 16th, the total value locked in various protocols increased by about 10% and currently sits above $24 billion. Over the past 24 hours, numerous tokens have charted massive increases. Apart from the ones included above, some of the other ones include the first version of YAM which is up by almost 100%, Swerve’s SWRV is up by 75%, and CREAM – by more than 30%.

Overall, the crypto market cap has overcome the $1 trillion mark after dipping to $960 billion yesterday.

Publication date: 
01/18/2021 - 10:45
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