Let's take a look into the crypto market today, looking into bitcoin prices and ethereum prices as well as that of significant performing altcoins.
Bitcoin News
Yesterday, bitcoin gained very close to the $50,000 level but saw a near-miss to land at $49,700 as its new all-time high. It wasn't rocket science to figure out that it would soon hit $50k. And so it did, hitting $50k on some exchanges, including Coinbase and Bybit. Its highest peak on an exchange was $50,240 on Bybit on Monday evening.
But after its rally, it went through a correction where it declined close to $45,700 before it began a fresh increase. It scaled the $46,000, $47,000, and the $48,000 levels. It overcame a close resistance near the $48,500 level and a critical bearish trend line near $48,500 on the hourly chart of the BTC/USD pair.
It eventually scaled past all of these to trade well above $50,000 as it reached $50,600 on Bitstamp. It went through a bit of correction after that, but as at the time of this report was trading above $49,000.
Ethereum News
After trading above $1,700 yesterday, it was able to undergo a rally and successfully scaled $1,800. It tried to keep rallying but was halted on its march to $1,850.
It peaked at $1,835 before undergoing a correction. It fell below $1,800 but was rescued by the bulls at $1,750. As of the time of this report, it was trading above $1,770. Its next crucial resistance levels are $1,800 and $1,850. If it scaled these successfully, then it could launch towards the $1,900 level and on to the psychological $2,000.
Other Altcoin News
How did altcoins besides Ethereum perform?
1. Litecoin
After some minor dips, Litecoin bounced back, showcasing that it is still mostly bullish. As at the time of writing this report, it was trading slightly above $200. It had declined by 3.7% over the last 24 hours.
2. Ripple
XRP was trading above $0.520 as at the time of writing. Within the past 24 hours, it had declined by over 3%.
3. Bitcoin Cash
Bitcoin Cash seemed to be consolidating gains from it's recent rally. It is currently trading at the $690 level and, in the past 24 hours, hadn't seen a loss of up to 2%.
In conclusion, BTC seems primed to break past $50k once again. The bulls are still in control below $1,800 for ETH, and we might soon see a push above $2k.
