The cryptocurrency markets have been relatively quiet lately, but that could change soon as Bitcoin is having a big week. The world’s most popular cryptocurrency has rallied by nearly 6 percent over the past 24 hours (or about $300) to trade at $3663. That puts the price of one Bitcoin at around $36,000, or a gain of about 10 percent from the market’s recent low.
The top 100 cryptocurrencies are continuing their upward march as they’re joined by some new contenders. It’s interesting to watch the top altcoins perform under these conditions since they’ve traditionally been the hardest hit by market dips. Sunday’s boost seemed to be a result of a Chinese crackdown on bitcoin mining, but a quick look at the charts shows the most notable winners yesterday were Bytecoin, dash, LBRY, NEM, and Monero.
The price of bitcoin hit a new all-time high of $36,000 today, as the cryptocurrency made gains across the board after a weekend of turmoil. The bitcoin price hit a high of $36,000 on Sunday as rumors of a China-led bitcoin exchange ban swirled, causing a sharp sell-off across the board. The altcoin market also suffered a major liquidity squeeze, with most of the top 10 coins reporting gains of 10-20% each.. Read more about grayscale buying ethereum and let us know what you think.Bitcoin (BTC) made a breakthrough on the 29th. June’s resistance at the $35,000 level as the cryptocurrency saw a new uptrend.
1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView
Target price for BTC high
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD reached a 24-hour high of $35,780 on Bitstamp on Tuesday.
The pair rose 4.5% in one day, restoring confidence to traders who had previously feared another major market correction.
As Cointelegraph reports, the weekend was a tale of rags to riches for bitcoin, which climbed back up to the $30,000 mark for an impressive one-week comeback.
For the famed crypto-currency trader, there is now no reason to have a sense of doom regarding BTC price action.
The current BTC bears are the same ones who were convinced BTC would fall below $10k by September 2020, he says in his latest update.
The analyst at Rekt Capital sees further growth potential after the recent weekly close.
Excellent price stability at important weekly support level for BTC, he concludes.
In the seventh. For the second week in a row, this ~$34500 level was confirmed as support. 1-week candlestick chart of the BTC/USDpair with support highlighted. Source: Rekt Capital/Twitter
A review of order book data on Binance, the largest exchange, showed that strong support remains at the $30,000 level, but there is less buying interest between that level and a spot price of around $35,500.
Sellers, meanwhile, stayed at $37,000 and $40,000.
long and short BTC/USD positions on Binance. Source: Hardware/Twitter Display
Instructions for return from high season
Altcoins, meanwhile, tried to capitalize on Bitcoin’s new strength and outperformed BTC’s rise throughout the day.
Ether (ETH), the largest altcoin by market capitalization, is up 9% at the time of writing and is trading around $2,200.
Related: Active bitcoin miners now reluctant to sell thanks to earnings growth – data
Traders have been closely watching a possible new round of altcoins as bitcoin extends its losses or posts conservative gains.
So far, things are looking good, Scott Melker shared with his followers on Twitter.
Bitcoin’s price rises, bitcoin’s dominance falls. The ideal scenario right now for the Alts.
As of Tuesday, bitcoin’s dominant market share was 46%, down slightly, while the total market capitalization of cryptocurrencies stood at $1.455 trillion.
Graph of bitcoin market capitalization versus dominance ratio. Source: Bybt
Bitcoin’s price briefly exceeded $36K today as altcoins make 10% gains. According to Coinmarketcap, while BTC rose by a few dollars, altcoins like Dash, Ethereum, Litecoin, and Monero went up by up to 10% in the last 24 hours.. Read more about mimblewimble litecoin price and let us know what you think.
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