The weekend has been predominately one of consolidation for crypto markets as Bitcoin has actually held on to gains to keep it in five figures. Monday morning, however, has seen some larger moves on altcoin prices as they outperform their big brother in a rare upswing.
Crypto Markets Gain on Altcoins
The majority of 2019 has witnessed the altcoins take pounding after beating as their big brother surged. They are not as low as their depths in mid-December last year when ruin shrouded the space, but many have not truly recovered up to now.
Today’s experience is nowhere near recovery as the majority of them are still higher than 80 percent down from their all-time highs, but it might just be a ray of hope. Total crypto market capitalization has boosted by $15 billion over the past 24 hours as it goes after $280 billion again.
Bitcoin has made a move breaking through resistance a few hours back however the altcoins are also currently on a charge. From yesterdays low of below $185, Ethereum has cranked 8 percent to again arrive at the psychological $200 level once more. Crypto trader ‘Nico’ has commented on the breakout adding that further longs will be likely if the $200 level can be breached.
“Nice breakout after a short test of the 175$ level with HL sequence & a pennant (that was bearish) but ended breaking to the upside… Currently testing the ~200$ resistance level, if flipped into support, we can start thinking about a long setup…”
$ETH / $USD
Nice breakout after a short test of the 175$ level with HL sequence & a pennant (that was bearish) but ended breaking to the upside…
Currently testing the ~200$ resistance level, if flipped into support, we can start thinking about a long setup…#ETH pic.twitter.com/Fukje2xCl1
— Nico (@CryptoNTez) August 18, 2019
Ripple’s XRP token has likewise made an uncommon surge adding 8 percent today to achieve $0.287 however it really needs to return to the $0.30 level and maintain above it to register additional upsides.
Bitcoin Cash has embodied its big brother with a 5 percent gain to top $320 yet Litecoin has done marginally better, adding approximately 7.5 percent as LTC closes down on $80 once more. Rounding out the top ten are EOS, BSV and Monero, all making 6-7 percent on the day.
Other altcoins doing well at the time of writing include Cardano, Tron, Dogecoin and Qtum. At last the alts are contributing something to total crypto market cap but the boosts are not all theirs.
A few hours back during Asian trading Bitcoin also broke through resistance to beat $10,700, its highest level for almost a week. The next resistance point for BTC is more or less $10,800, then all is clear all the way up to $11,400. Markets are all in the green this Monday morning and the altcoins are finally getting a little crypto love.
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