After a short setback lasting a little more than 24 hours, necessary to get the industry back on its feet, the prices of all major cryptocurrencies, from Bitcoin to altcoins headed by Ethereum, are rising again, giving further signs of a market that proves not only to have strength but also to be healthy.
The rises of these hours, which began late yesterday afternoon, push most of the cryptocurrencies to the highs of recent months.
Bitcoin, after breaking the $10,000 psychological threshold, began testing the $10,500 resistance threshold, a level that had demonstrated its importance in the 48-hour bullish fire at the end of October, which had deflated in the following weeks in the absence of solid foundations. These foundations seem increasingly evident now.
However, Bitcoin is not the best of the day. Among the big ones, there is the rise of the queen of altcoins, Ethereum, which with a strong rise of over 15% sees prices reach a step from 260 dollars, a level that was abandoned in mid-July 2019. Ethereum is among the best of the top 20.
Only Tezos (XTZ) performs better than ETH, earning 20% today, updating the absolute historical records with prices above $3.40. Tezos is increasingly strengthening the tenth position in the standings by separating itself from Cardano by more than 500 million dollars in terms of total capitalization.
Some of the big names include double-digit rises like that of Stellar (XLM), Neo (NEO), Chainlink (LINK) and Cardano (ADA), up more than 10%.
The day saw the triple-digit rise of Hedera Hashgraph (HBAR), which benefited from yesterday’s news that the giant Google has joined the board of directors of Hedera, which already includes other big fintech, such as IBM, Deutsche Telekom, Boeing.
The entry as a member of the board of Hedera Hashgraph, which was already using Google’s Cloud platform, caused the price to take off, rising to $0.067, setting a record since it was listed on the major exchanges last September, highlighting a rise that is currently at 150% and that a few hours ago went up 200%.
Finding the collaboration and direct interest of the fintech consortia, as happened for Chainlink which also started a collaboration with Google, Hedera attracts attention and purchases and makes the prices soar.
On the opposite side, only 6 cryptocurrencies out of 100 are in negative territory. These are contained declines except for KickToken (KIK), in 35th position which loses 37%, while Synthetix Network (SNX) loses more than 10%. Lisk (LSK), Bitcoin Gold (BTG), Bitcoin Diamond (BCD), Leo (LEO) and OKB (OKB) are slightly down, between 1 and 3%.
With today’s rises, the market sees total capitalization rise to over $310 billion, levels it has not seen since last August. This is a signal that puts the second half of 2019 behind it, with a second-half in the hands of the Bears. The Bulls have regained the momentum of the sector and are setting capitalization levels that had not been recorded for over 6 months.
The dominance of Bitcoin continues to fall below 63%, despite the strengthening of the price, which confirms that the bullish trend is due to the rise of the altcoins. Ethereum rises above 9%, levels of dominance that had not been registered since last July. XRP also strengthened slightly, rising to 4.3%.
Bitcoin (BTC) prices
Bitcoin prices are now one step away from the $10,500 static resistance threshold. It is a decisive step: it will be necessary to overcome this level with the support of volumes.
After a rise so strong and consolidated that was lacking since last April, there may be some doubt as to its solidity. With today’s peak since the beginning of the year the price of Bitcoin has risen by more than 40% highlighting a strong upward trend. Not even the profit taking that took place at the end of January and beginning of last week has affected the bullish trendline that technically supports the climb. However, the rise of the last 24 hours seems more due to bearish cover-ups than to new purchases. For this reason it is preferable to slow down the climb, even a few days, to accumulate new purchases and better prepare the road to pave the way towards $10,500.
There is time to prepare for an attack even if this does not happen immediately. There is also room for movement for prices. A signal of danger would only come with prices below $9,600, the former medium-term resistance broken last week that has now become a valid level of support in the medium to long term.
With a value close to $260, Ethereum is back to the levels of last July. It’s a signal that brings irrational euphoria.
The rise in Ethereum prices, like Bitcoin, has been restructuring for over a month now. After the double low area marked at the turn of mid-December, Ethereum prices have begun to show the first weak signs of a bullish turnaround that have been confirmed in recent weeks. Since the end of January, ETH has been proving to be back at its best since the beginning of the year, with half of the gain made in the last 10 days. It is a signal that restores confidence in the queen of altcoins and consequently in the whole sector.
Ethereum is moving away from the $215-220 support that was the trigger level that formed between Sunday and Monday. ETH will now need to confirm this hold in the coming days. An increase to over $260 would lead to the next step upwards over $315.