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

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.

 TradingViewBTCUSD. 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.

 quantifycryptoCryptocurrency 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.

The post Bitcoin Stalls At $11,400 as Chainlink Surges To The 7th Spot (Market Watch) appeared first on CryptoPotato.

Publication date: 
10/12/2020 - 09:22
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.