The cryptocurrency markets have produced several days of bullish price action, with BTC testing resistance near $4,000 for the time in five weeks today. In doing so, it’s broken the 100-day moving average for the first time in 272 days. In other market action, both BCH and ETH rallied to test resistance near $150, and EOS spiked to again rank as the fourth largest cryptocurrency by market capitalization.
BTC Tests $4,000 for First Time in 5 Weeks
The cryptocurrency markets made a second bullish leg-up today, with only two of the top 50 crypto assets by market cap posting a drop in price during the last 24 hours as of this writing.
BTC rallied to test resistance at the $4,000 area today, marking the first time that BTC has entered $4k territory since Jan. 10. Today’s gains were also driven by a slight uptick in volume when compared to yesterday.
BTC/USD – Bitfinex – 1D
In the last two weeks, BTC has gained approximately 16.25% since bouncing off local support at approximately $3,350 to currently trade for approximately $4,000 on Bitfinex and $3,900 on Bitstamp. BTC now has a market cap of $68.91 billion and a dominance of 51.50%.
When looking at the stochastic RSI on the weekly chart, BTC is at its strongest since December 2017.
BCH and ETH Test $150
Bitcoin cash produced the second strongest gains of the top 50 cryptocurrencies by market cap today, rallying to test $150 for the first time since Jan. 10.
BCH/USD – Kraken – 1D
Since bouncing off support at $100 on Feb. 18, BCH has gained 38.5% to currently trade for nearly $146. When measured against BTC, BCH is currently trading for 0.0375 BTC, an 11% gain in two days. BCH is currently the sixth largest crypto asset with a capitalization of approximately $2.61 billion and a dominance of 1.94%.
BCH/BTC – Bittrex – 1D
Ethereum is currently trading for $150. In the last two weeks, ETH has gained roughly 43% over the dollar after establishing support at the $100 area.
ETH/USD – Bittrex – 1D
When measured against BTC, ETH is currently testing resistance at the major long-term price level of 0.0375. Ethereum is the second largest crypto asset with a capitalization of $15.53 billion and a dominance of 11.62%.
ETH/BTC – Bittrex – 1D
XRP Attempts to Convert $0.34 Resistance Into Support
Ripple has gained 11.5% in two days, with the markets currently attempting to establish support at the recent resistance area of roughly $0.34.
XRP/USD – Poloniex – 1D
When measured against BTC, XRP is currently trading for nearly 0.000085 BTC after gaining more than 1% in a single day for the first time during February. XRP is currently the third largest cryptocurrency with a market cap of $13.86 billion and a dominance of 10.37%.
XRP/BTC – Bitfinex – 1D
EOS Overtakes LTC by Market Cap
Of the top 50 markets by capitalization, EOS produced the strongest gains of the day, with the price of EOS increasing 16.9% over the dollar in the last 24 hours. Over the course of the last two weeks, EOS has gained nearly 55% to currently trade for $3.66.
EOS/USD – Bitfinex – 1D
When measured against BTC, EOS has broken above 0.0009 BTC for the time since Sep 20, 2018. Eos is currently the fourth largest cryptocurrency with a capitalization of almost $3.27 billion and a dominance of 2.44%.
EOS/BTC – Bitfinex – 1D
Eos’ gains have seen LTC slide one rank by market cap, with LTC currently ranked fifth with a capitalization of $2.95 billion. Despite this, LTC is testing long-term resistance at the $50 area for the first time since Nov. 14, 2018.
LTC/USD – Bitfinex – 1W
When measured against BTC, LTC is against testing resistance at a major long-term price area, with Litecoin currently trading for 0.012 BTC each.
LTC/BTC – Bitfinex – 1W
Do you think that markets will continue to be carried by bullish momentum for the rest of the week? Share your thoughts in the comments section below!
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