Market Watch: Ethereum Finally Reclaims $400 As BTC Struggles With $13K

Bitcoin spiked above $13,000 once again and came close to painting yet another 2020 high. Ethereum jumped above $410, and most altcoins have followed alone with notable increases. The market cap has gained $8 billion more.

Bitcoin Swings At Another YTD High

CryptoPotato reported yesterday that the primary cryptocurrency surged to a fresh 2020 high of just about $13,220. The impressive price increase came after the giant online payment processor PayPal announced it will start supporting the purchase, selling, and storing of digital assets.

Bitcoin retraced in the following hours to about $12,700. However, the bulls regained control since then and drove BTC above $13,000 again.

The cryptocurrency didn’t stop at that coveted level. Bitcoin came just a few dollars away from breaking its own 2020 record but, according to data from Bistamp, it peaked at $13,205.

A new retracement followed, and BTC currently hovers above $12,900.

The technical indicators suggest that the most significant resistance in Bitcoin’s way is at $13,350. The next one is at $13,900, before having a chance to break the 2019 record as well at $14,000.

Alternatively, if BTC seizes its bull run, the support levels it could rely on are at $12,300, $11,950, and $11,400.

 TradingViewBTCUSD. Source: TradingView

Ethereum At $415, Market Cap Adds Another $8B

Although the altcoins had a sluggish start initially when Bitcoin was rising during the weekend, they have caught up. In the past 24 hours alone, Ethereum has jumped by over 5% to above $410. Just three days ago, ETH was struggling below $370.

Bitcoin Cash (2.5%), Polkadot (1.4%), and Cardano (1.3%) are also in the green from the top ten. However, Chainlink has outperformed them all with a 5.5% surge. As such, LINK has neared $12.

 quantifycryptoCryptocurrency Market Overview. Source: quantifycrypto

Further gains are evident from mid and lower-cap altcoins. Aave leads the way with a 21% jump. Energy Web Token (12%), Celcius (10.5%), Synthetix Network Token (10%), and Ampleforth (10%) follow.

The cumulative market capitalization of all digital assets has increased by $8 billion since yesterday to $394 billion. On a weekly scale, it has surged by 11.5% from $353 billion on October 16th.

 CoinMarketCapCryptocurrency Market Cap. Source: CoinMarketCap

The post Market Watch: Ethereum Finally Reclaims $400 As BTC Struggles With $13K appeared first on CryptoPotato.

Publication date: 
10/23/2020 - 11:29
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