Crypto Market Cap Eyes $600 Billion as Bitcoin Finally Broke ATH (Market Watch)

After charting a new all-time high of some exchanges, Bitcoin has retraced slightly to beneath $19,500. Some alternative coins have surged in the past 24 hours, resulting in the total market cap reaching its highest level since yearly 2018.

Bitcoin Sees ATH And Retraces

The word ‘boring’ rarely has a place in the cryptocurrency industry. The price developments in the past several days have only confirmed this.

Bitcoin went from a yearly high of $19,500 to $16,250 in hours. After gradually reclaiming the $17,000 and $18,000 price tags, it took a few more days for BTC to recover fully.

However, the cryptocurrency continued further upwards after overcoming $19,000. As CryptoPotato reported yesterday, this resulted in painting a new all-time high (at least on some digital asset exchanges).

Bitcoin went as high as $19,860 (on Bitstamp) before losing some steam and dipping below $19,500 – where it’s situated as of writing these lines.

The technical indicators suggest that the next significant resistance line lies at $19,900. Should BTC conquer it, the asset could spike into uncharted territory above $20,000.

Alternatively, Bitcoin could rely on $19,440, $18,800, and $18,240 as support in case of a price breakdown.

 TradingViewBTCUSD. Source: TradingView

Crypto Market Cap To A Near 3-Year High

Most alternative coins have been on a tear after the Thanksgiving massacre. The situation has intensified for some since yesterday.

Ethereum has surged above $600 again as anticipation for the ETH 2.0 release is building up. Ripple has added 4% of value and trades north of $0.65.

Binance Coin (5%) has returned to the top ten by replacing Stellar. Bitcoin Cash (7.5%), Chainlink (3.5%), and Polkadot (2.3%) are also in the green.

However, the most impressive gainer from the top ten is Litecoin, with a double-digit price increase (11%). As a result, LTC has neared $90.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

SushiSwap has surged the most since yesterday with 31% and sits close to $2. Horizen (15%), BitTorrent (15%), Nexo (10%), and Ocean Protocol (10%) are next.

Ultimately, the cryptocurrency market cap has benefited from these price developments. The cumulative market capitalization of all digital assets reached $584 billion a few hours ago. Thus, it surpassed the previous yearly high marked on November 25th of $582 billion.

It’s worth noting that this is the highest level since January 2018.

 CoinMarketCapCrypto Market Cap 2017-2020. Source: CoinMarketCap

 

Publication date: 
12/01/2020 - 10:16
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