08 Feb 2021 · 2 min read

Bitcoin Hits New ATH, Ethereum and Altcoins Start Fresh Rally

Bitcoin price climbed 8% and it traded to a new all-time high near USD 43,400. Ethereum is back above USD 1,700, XRP is correcting lower towards USD 0.420. EGLD and MATIC surged over 50%.

Bitcoin price remained stable above USD 38,000, and it gained pace above USD 38,500. BTC even surged above USD 40,000 and traded to a new all-time high near USD 43,400. It is currently (13:00 UTC) trading nicely above USD 42,000 and it is likely to continue higher.

Similarly, most other major altcoins are gaining bullish momentum, including ethereum, EOS, XLM, LINK, BNB, OMG, DOGE, AAVE, bitcoin cash, DOT, litecoin and ADA. ETH/USD is back above USD 1,700 and it is likely to continue higher. XRP/USD is correcting gains, but dips are likely to be limited near USD 0.420.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After climbing back above USD 38,000, bitcoin price traded with a bullish angle. BTC cleared the USD 39,200 and USD 40,800 resistance levels. It even surpassed the USD 42,200 resistance. The next major resistance is near USD 43,400 (the recent high), above which the price is likely to test USD 45,000.

If there is a fresh decline, the USD 41,500 level is a short-term support. The key support is at USD 40,500, below which the price might revisit the USD 40,000 support.

Ethereum price

Ethereum price popped above the USD 1,650 resistance and it even climbed above USD 1,680. The next key resistance is near USD 1,720, above which there are high chances of a steady increase towards USD 1,750 and USD 1,760. Any more gains could open the doors for a push towards the USD 1,800 level.
Conversely, a downside correction might find bids near the USD 1,650 level. The next key support on the downside is near the USD 1,620 level.

ADA, litecoin and XRP price

Cardano (ADA) is up over 5% and it is trading nicely above the USD 0.665 support level. ADA is likely to clear the USD 0.700 resistance level and continue higher. In the stated case, the price may even test the USD 0.820 level in the coming sessions. If there is a downside correction, the price might find support near USD 0.665.

Litecoin (LTC) is slowly rising and it is trading well above USD 150. LTC is approaching the USD 155 resistance. A clear break above USD 155 will most likely clear the path for a push towards the USD 165 and USD 172 levels. The next major resistance on the upside is near the USD 188 level. On the downside, the USD 150 level is a strong support. Any more losses might call for a test of USD 142.

XRP price failed to clear the USD 0.440 and USD 0.450 resistance levels. It is currently correcting lower and approaching the USD 0.420 support. If XRP fails to stay above USD 0.420, it could slide towards the USD 0.400 level. Conversely, it might rise towards the USD 0.450 resistance.

Other altcoins market today

In the past few hours, many altcoins surged over 15%, including EGLD, MATIC, AVAX, DOGE, RUNE, THETA, LUNA, AAVE, GRT, RVN, SOL, XEM, DGB, and ONT. Out of these, EGLD rallied 60% and it even cleared the USD 180 level.

To sum up, bitcoin price is gaining momentum above USD 40,000 and USD 42,000. The overall market sentiment is positive, and suggesting more upsides in BTC and altcoins.