Review today’s updates on Bitcoin, Ethereum, and Ripple.
Bitcoin regained over a thousand dollars over the weekend. As at the end of last week, its prices had de lined to 17,600 US dollars, after doing so well the previous week. From just that Friday to Sunday, the price rose by 10% to 19,400 US dollars.
As of the time of writing this, bitcoin has dipped again to around 19,100 US dollars. Analyst Josh Rager also predicted that that bitcoin was still in a bull market and proposed buying when it was in the dip.
This move by bitcoin has caused the market capitalization of cryptocurrency to increase by 30 billion US dollars just during this weekend. Gainers from this move include Litecoin, Cardano, stellar lumens, and ethereum.
Over the weekend, Litecoin has moved up by 5%. It smashed key resonance levels at $74.00 and $75.00 after forming a decent support base near the $70.00 level. Its price broke the main $80.00 resistance to consolidate above the trend line at $80.00, and the 100 simple moving average (4-hours).
If it's successful in breaking the $84.00 and $85.00 resistance levels it could prompt a new rise. The subsequent important resistance is near the $90.00 level, after that the bulls could aim for a test of $95.00.
Ethereum gained bullish momentum and started an increase above $580. The price is currently trading a bit higher than the $580 pivot zone and the 100 hourly simple moving average. There is a crucial bullish line of support formed near $579.
According to Nikolaos Panigirtzoglou, JP Morgan Chase analyst, an estimation of up to $600 billion could potentially flow into Bitcoin. He predicted that additional financial institutions will follow the example of Mass mutual, which bet up to $100 million in cryptocurrency.
This could happen of at least 1% of the funds from major financial institutions were invested in bitcoin
In conclusion, cryptocurrencies rallied during the weekend catalysts by bitcoin's increase in price. More institutions continue to give the nod to cryptocurrencies, fanning the flame on their being the next big thing in investing.
What's your price predictions for Bitcoin this week?
