Bitcoin Inches Towards USD 50K, Ethereum and Altcoins Extend Rally
Bitcoin price rallied over USD 5,000 and traded to a new all-time high near USD 47,500. Ethereum could rally further above USD 1,775, XRP is surging towards the USD 0.500 level. BTT, LUNA, DGB, and CAKE are up over 30%.
Bitcoin price rallied significantly above the USD 42,000 and USD 45,000 resistance levels. BTC even spiked above USD 47,000 and traded to a new all-time high near USD 47,500. It is currently (05:00 UTC) consolidating gains and it could continue to rise towards USD 48,500 and USD 50,000.
Similarly, most other major altcoins extended their rally. ETH/USD traded to a new all-time high near USD 1,775 and it might extend gains. XRP/USD is up over 15% and it is approaching the USD 0.500 resistance.
Total market capitalization
After a clear break above USD 42,000, bitcoin price surged over USD 5,000. BTC even cleared the USD 45,000 and USD 46,000 levels. It traded close to USD 47,500 before starting a consolidation phase. The price remains elevated and it seems like there are chances of more upsides above USD 48,000. The next major resistance on the upside could be near USD 50,000.
An initial support on the downside is near the USD 46,200 level. The first major support sits at USD 45,500, below which the price might start an extended downside correction.
Meanwhile, some analysts claim that Tesla‘s purchase of USD 1.5bn in BTC may have forced cryptocurrencies onto the agenda of corporate treasurers worldwide.
“We see fundamental reasons for corporate crypto treasury exposure and expect others to follow suit. We don’t think this happens overnight, but we do think there’s much more room for corporate treasury penetration and expect the trend to continue,” wrote strategists at Fundstrat Global Advisors, as reported by Bloomberg.
Ethereum price also gained bullish momentum above the USD 1,700 level. ETH spiked above USD 1,750 and traded to a new all-time high near USD 1,775. It is struggling to gain pace above USD 1,775. If there is a close above USD 1,775, the bulls might test USD 1,850 or even USD 1,900.
If there is a downside correction, the USD 1,700 zone is a decent support. The next major support is now forming near the USD 1,650 level.
ADA, litecoin and XRP price
Cardano (ADA) remained stable above USD 0.650 and it extended its rally above USD 0.700. ADA traded as high as USD 0.725 and it is correcting gains. An initial support is near the USD 0.672 level. The main support is now near USD 0.650, below which there is a risk of a larger decline. On the upside, the USD 0.725 level is a short-term resistance.
Litecoin (LTC) gained over 10% and it cleared the USD 155 and USD 165 resistance levels. LTC is now trading above USD 170 and it might climb further towards the USD 178 and USD 180 levels. If there is a downside correction, the bulls might remain active near USD 165.
XRP price is gaining momentum above USD 0.450 resistance. The price even cleared the USD 0.465 level and it might move towards the USD 0.492 and USD 0.500 resistance levels. Any more gains might set the pace for a push towards the USD 0.550 level in the near term.
Other altcoins market today
Many altcoins rallied over 20%, including BTT, LUNA, XVS, DGB, CAKE, MIOTA, EGLD, FIL, SOL, RUNE, BTCB, AVAX, and TRX. Out of these, BTT surged over 160% and LUNA surpassed the USD 5.00 resistance.
Overall, bitcoin price is gaining bullish momentum above USD 46,000. There are chances of more upsides in BTC towards the USD 48,500 and USD 50,000 levels in the near term.