Bitcoin Pushed to $10,700 as Larger Altcoins Remain Stable (Thursday Market Watch)

Bitcoin has charted minor gains in the past 24 hours by following Wall Street once again. Most large-cap altcoins have remained calm with Ethereum hovering around $340 and Ripple trading at $0.245.

Bitcoin Steadily Follows US Stocks

The primary cryptocurrency headed south yesterday and dipped to $10,525. Although Bitcoin started recovering rather rapidly, it dropped to $10,550 once more. However, BTC bulls interfered and the asset has been slowly increasing in value since then.

After the dip, Bitcoin gained traction and registered a daily high of $10,680 (on Binance). The asset lost some steam in the next few hours and currently trades around $10,630.

BTC needs to overcome the first resistance decisively at $10,660 (0.5 Fibonacci level) to continue upwards. If it does, the next obstacle will lie at $10,730.

Contrary, Bitcoin can rely on $10,540 and $10,400 as support in case of a price breakdown.

 TradingViewBTCUSD. Source: TradingView

Bitcoin’s minor 24-hour increase corresponded with the price developments on Wall Street once again. The S&P 500 ended Wednesday’s trading session with a 1.7% gain, while the Nasdaq Composite and the Dow Jones Industrial Average went up by about 1.9%.

Larger-cap Altcoins Stand Still

Most of the larger-cap alternative coins have followed Bitcoin’s example with a lack of severe volatility. Ethereum and Ripple have decreased by less than 0.5%. As such, ETH still hovers at around $340, while XRP is at $0.245

Bitcoin Cash (2.5%) has gained the most from the top 10 and BCH has increased to $225.

Litecoin and Crypto.com Coin have jumped by less than 1%, while Chainlink and Polkadot have decreased by the same percentage.

 quantifycryptoCryptocurrency Market Overview. Source: quantifycrypto

The situation within the lower and mid-cap altcoins is rather different with more volatility. Ocean Protocol is the most impressive gainer in the past 24 hours. OCEAN has pumped by 24% and trades above $0.31.

Ren follows with a 19% increase. Elrond (11%), Status (10%), VeChain (9%), Blockstack (9%), and Arweave (8%) are next.

Several coins are deep in the red as well. Hyperion has plummeted by 70%, Yearn.Finance by 11.5%. UMA (-5%), Band Protocol (-3%), and Storj (-3%) follow.

The post Bitcoin Pushed to $10,700 as Larger Altcoins Remain Stable (Thursday Market Watch) appeared first on CryptoPotato.

Publication date: 
10/08/2020 - 09:32
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