Today’s picture within the top 10 cryptocurrencies based on market cap is clear: bitcoin (BTC) is lagging while a number of altcoins are posting nice gains. The altcoin season continues to blossom with Binance coin (BNB) the biggest top 10 riser of the past 24 hours!
Bitcoin (BTC) still with support
With regard to the bitcoin exchange rate, little has actually changed in recent hours. The price is still trading near USD 54,000, a price area where the bulls really need to hold up. At the time of writing, bitcoin’s price is $ 53,600 on cryptocurrency exchange Coinbase.
The consolidation will therefore continue for a while and we will have to wait for the moment when the course takes a clearer direction. Should bitcoin rise again, the next resistances could be found at USD 55,000 and above that at USD 56,500. This last price level is where we find the centerline of the Bollinger Bands on the daily chart and the 50-day Moving Average (MA).
Down the $ 50,000 would be the next major stop where support should be found. A break below could then cause the bitcoin price to drop a lot further to low in the $ 40,000 region.
Altcoins outperform bitcoin
As mentioned in the introduction, the altcoins show good results. Ethereum (ETH) is up 3.6% and appears to be able to maintain momentum upward. Ethereum hit a new all-time high (ATH) of $ 2,800 today.
Ripple (XRP) and Binance coin both increase in value by about 6%, making them the fastest risers. Cardano (ADA) is 5% in the plus and seems to be preparing for the Africa Special that can be viewed via this link.
For those with a lot of altcoins in their portfolio, the waning bitcoin dominance will likely sound like music to their ears. Bitcoin’s value in relation to the total market capitalization is now only 48% after falling again by 0.9%. This is a clear sign that the altcoin are gaining ground.