Markets Update: Leading Cryptocurrencies Briefly Break Local Resistance
The cryptocurrency markets have seen significant volatility over the last 24 hours, with BTC rallying by 7% to test resistance at $4,200, before violently crashing approximately 10% back below $3,800. BCH has posted comparable volatility, currently trading for $135 after rallying above $150 for the first time since Jan. 10 earlier today.
Also Read: German Derivatives Exchange Rumored to Be Launching Crypto Futures
BTC Fails to Establish Support at $4,000
BTC briefly rallied above $4,000 today after gaining more than 4% in one hour. The rally saw BTC test $4,200 for the first time since Dec. 2018, before crashing 9% in less than 60 minutes as bulls failed to establish support at $4,000. Bitcoin core is currently trading for roughly $3,800.
BTC currently has a market cap of $67.32 million and a dominance of 52.1%.
BCH Briefly Trades Above $150
BCH produced a more steady rally today, gaining 11% in 12 hours to trade above $150 for the first time in approximately seven weeks. After support failed to hold at $150, BCH shed 15% in less than one hour. Bitcoin cash is currently trading for roughly $130.
When measured against BTC, BCH gained 5% in two hours to establish resistance at 0.0375 BTC, before falling 7% in one hour. BCH is currently trading for approximately 0.0345 BTC.
BCH is the sixth largest crypto asset with a market capitalization of $2.34 billion and a dominance of 1.85%.
ETH Tests Resistance at 0.04 BTC
Ethereum gained 13% across the course of 12 hours today, breaking above the $150 area before posting a local top at $170. The gains were short-lived, with ETH crashing 15% in one hour after support at $165 failed to hold. Ethereum is currently trading for $150.
When measured against BTC, ETH gained 6% in 12 hours to post resistance just below 0.04 BTC, before falling 9% in less than three hours. ETH is trading for 0.0363 BTC as of this writing. Ethereum is the second largest cryptocurrency with a capitalization of $14.61 billion and a dominance of 11.52%.
What direction do you expect the crypto markets will trend in during coming days? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Tradingview
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”