Bitcoin Struggles Around $17K as Stellar (XLM) Charts 120% Weekly Gains (Market Watch)

Bitcoin’s volatility continues with full force as the asset made another $1,000 move in the past 24 hours. Most alternative coins have marked minor gains following the recent price drops.

Stellar has been on a tear in the past week and XLM has found a place in the top ten after a triple-digit surge.

Bitcoin Struggles With $17K

Following the most substantial gains marked in 2020 that led to the yearly high of $19,500, Bitcoin bears took control over the asset. As a result, BTC experienced vigorous price drops with up to $3,000 lost in hours and bottoming at $16,250.

During the past 24 hours, Bitcoin displayed some bullish activity as it jumped to a daily high of $17,500. However, the volatility returned and drove the cryptocurrency south to $16,500.

As of writing these lines, BTC has recovered some of the recent losses but continues to struggle around the $17,000 price tag.

The technical aspects indicate that Bitcoin has to overcome the resistance lines at $ $17,400, and $17,620 to resume its late 2020 bull run.

On the other hand, the support levels at $16,650, $16,000, and $15,400 could assist in case of a price breakdown.

btc_usd_chartBTC/USD. Source: TradingVIew

Altcoins Finally See Green

The alternative coins suffered the most during the recent price drops. However, most of them have started to recover in the past 24 hours.

Ethereum bottomed at $485, but it has risen to $515. Ripple has added 4% of value in the past 24 hours and sits at $0.56.

Bitcoin Cash (3.4%), Chainlink (4.2%), and Litecoin (1%) have also increased slightly since yesterday. However, Cardano and the new top 10 representative Stellar are the most impressive gainers.

ADA has surged by 12% to above $0.15. XLM has enjoyed the past week with a near 120% price surge after the blockchain project announced major protocol updates. As a result, Stellar’s native cryptocurrency has taken the 9th spot in terms of market capitalization.

In contrast, Binance Coin has dropped out of the top ten as BNB sits at $28.

quantify_cryptoThe most impressive gains are evident from mid and lower-cap altcoins. Numeraire leads with a 20% price increase. Decred (13%),  NEM (18%), and ABBC Coin (15%) follow.

Kusama has lost the most value since yesterday – 6%.  Aave (-8.5%), Synthetix (-7%), and NEAR Protocol (-6%) are next.

Publication date: 
11/28/2020 - 12:50
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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.