After marking two consecutive yearly highs in the span of a few days, Bitcoin has calmed but still hovers over $13,000. Most alternative coins have remained relatively stable, and the market cap is yet to break above $400 billion decisively.
Bitcoin Stays Above $13k
Although Bitcoin started the weekend with apparent stagnation, the asset entered Sunday on a roll. BTC was trading at $13,100 but sharply exploded to a fresh 2020 high of above $13,350.
Shortly after, though, the cryptocurrency tanked in value, resulting in its intraday low of $12,900. Nevertheless, the bulls intercepted the price drop and drove BTC higher.
It’s worth noting that this was the highest weekly close of Bitcoin since January, 2018.
BTC/USD Historics Chart. Source: Twitter
In the past 24 hours, Bitcoin has been relatively stable. It reached a daily high of about $13,150 and has slightly retraced since then to $13,050. To continue its recent bull run, Bitcoin has to overcome the first resistance at $13,200. Further ahead, BTC could encounter obstacles at $13,400 before having a chance to challenge the 2019 high at nearly $13,900.
Alternatively, $13,000 serves as the first support in case of a price break down. The following ones are at $12,700 and $12,500.
Market Cap Challenges $400B
The recent price increases have pushed the cumulative market capitalization of all cryptocurrencies to about $400 billion. The metric even surged above that level briefly yesterday but so far struggles to overcome it decisively.
Most alternative altcoins haven’t assisted in surpassing the $400 billion level in the past 24 hours. As the graph below demonstrates, most of them have displayed low fluctuations and even some retracements.
Ethereum spiked to about $420 a few days ago but has been gradually decreasing since then. ETH now trades just above $403. Despite a minor increase, Ripple is still around $0.253.
Bitcoin Cash (-0.9%), Chainlink (-2.7%), and Cardano (-1.7%) have lost value from the top 10.
BitcoinSV (5%) and Monero (4.7%) are the most impressive gainers from the larger-cap altcoins.
Further gains are evident from Velas (20%), Filecoin (16%), and Quant (10%). In contrast, Ocean Protocol (-12.5%), ABBC Coin (-9%), Energy Web Token (-7.3%), Crypto.com Coin (-7%), and Ampleforth (-6.5%) have lost the most on a 24-hour scale.
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