Tanya Abrosimova
Independent Analyst
- Bitcoin has hit a new high of 2020 amid strong bullish momentum.
- Altcoins are driven higher by a combination of bullish sentiments and technical factors.
The cryptocurrency market has been growing strongly following the successful launch of options on Bitcoin futures on CME. Positive momentum has been increased by technical factors as Bitcoin and may altcoins broke crucial resistance levels and thus attracted new speculative buyers to the market. The cryptocurrency market capitalization increased to $228 billion, while an average daily trading volume reached $99 billion. Bitcoin's market dominance is registered at 68.1%.
Bitcoin (BTC) price update
The largest cryptocurrency by market capitalization hit the intraday high at $8,587 during early Asian hours and retreated to $8,517 by. press time, The coin has gained over 5% both on a day-to-day basis and since the beginning of the day. Despite the retreat, BTC/USD is still trading above critical $8,500, reinforced by 50% Fibo retracement for the upside move from December 2018 low to July 2019 high. While the short-term trend remains bullish, the intraday volatility has been decreasing gradually.
BTC/USD 1-hour chart
Ethereum (ETH) price update
Ethereum’s price action took it above $151.00 to an intraday high of $151.61. The strong bullish move was triggered by a decisive breakthrough above $148.00. The prevailing short-term trend is bearish as the coin has been in retreat from the recent high, though the longer-term perspectives look good as long as it stays above $150.00.
ETH/USD 1-hour chart
Ripple's XRP price update
Ripple came close to the highest level of $0.2255 and retreated to $0.2200 by press time. The third-largest digital asset has been growing steadily after the resistance of $0.2100 gave way. XRRP/USD has gained 4.5% since the beginning of Monday, moving in sync with the market. The short-term trend is bullish.
XRP/USD 1-hour
Best-performing altcoins out of top-20
Bitcoin SV (+25%) - $204.93
Dash (+23%) - $81.00
Litecoin (+7.6%) - $53.96
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto Today: Poland to adopt BTC as Hedera, Tezos rally alongside Microstrategy investing another $4.6B
While Solana’s daily time frame gains were subdued at 2.2%, the SOL price action drew attention on Monday as traders brace for a potential breakout to new all-time highs.
Bitcoin could see another parabolic run following rising institutional interest
Bitcoin (BTC) began the week positively, rising over 3% above the $91K threshold on Monday. Despite the recent rise, BTC could begin another extended bullish move as top firms are increasing their Bitcoin holdings and potentially adopting it as a reserve asset.
Ethereum Price Forecast: ETH risks decline to $2,258 as exchange reserves continue uptrend
Ethereum (ETH) is up 1% on Monday after ETH ETFs hit a record $515.5 million inflows last week. However, rising exchange reserves and realized losses could trigger bearish pressure for the top altcoin.
SOL Price Forecast: Solana nears all-time high as VanEck, BONK spark $2.9B inflow
Solana (SOL) price reached a new monthly time frame peak of $248 on Monday, November 18, up 60% within the last 14 days. Derivatives market trends signal potential for more upside as bulls set their sights on new all-time high.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.