Bitcoin Struggling at $60K: Stellar (XLM) Enters Top 10 After 25% Surge (Market Watch)

Despite overcoming its nemesis at $60,000 yesterday, bitcoin’s struggles with that particular benchmark level continue as the asset has dipped beneath it. Most altcoins have also retraced slightly, with the apparent exception of Ripple (XRP), which surged to a new 3-year high of $1.4 following more positive news in the ongoing legal battles with the SEC.

Bitcoin Dips Below $60K Once Again

After a three-week-long wait, bitcoin finally overcame $60,000 yesterday. Furthermore, the cryptocurrency kept going upwards and charted a high of $61,200.

However, the situation has changed since then. Just as the community was over joyous with the developments, BTC started to retrace.

In the following hours, the primary cryptocurrency lost roughly $2,000 of value to a low of $58,300 (on Bitstamp). The roller-coaster continued, though, and BTC spiked above $60,000 again before slipping to its current level of approximately $59,500.

According to the technical indicators, $60,000 remains the first major resistance line in BTC’s way up and Bitcoin was unable to close yesterday’s daily candle above it. In case BTC breaks above the milestone, then the next resistance lies at $61,170, followed by the March ATH of $61,780. Alternatively, the support levels at $59,070, $58,355, and $57,695 could assist in case of a price breakdown.

 TradingViewBTCUSD. Source: TradingView

XRP Heads Higher; XLM Enters Top 10

The altcoin market also enjoyed Saturday. Ethereum painted a new all-time high just inches away from $2,200. However, the second-largest cryptocurrency has lost a little more than 2% since then and is down to just above $2,100.

Binance Coin also marched to a new record at $485 but has calmed around $475. Nevertheless, BNB is up by over 40% in the past week.

Polkadot (-5%), Cardano (-3%), Uniswap (-4%), and Chainlink (-3%) have also retraced on a 24-hour scale.

At the same time, Litecoin has jumped by 10% to $250, and Stellar has surged by 25% to $0.61. Moreover, XLM has replaced LINK in the top 10 coins by market cap.

Ripple’s performance, though, has trumped all larger-cap altcoins. The blockchain-based payment processor won another legal fight against the SEC as Judge Netburn halted the Commission’s attempts to gain personal financial records of the company’s executives.

The native token skyrocketed by about 40% in the following hours and marked a new 3-year high at $1.4.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

 

More gains come from Elrond (15%), Reserve Rights (13%), Zcash (10%), IOTA (10%), and NEM (10%).

Despite some retracements from Dent (-16%), Holo (-15%), KuCoin Token (-15%), Pundi X (-15%), and more, the crypto market cap has remained above $2 trillion.

Publication date: 
04/11/2021 - 07:27
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