Markets Update: Leading Cryptocurrencies Briefly Break Local Resistance
The cryptocurrency markets have seen significant volatility over the last 24 hours, with BTC rallying by 7% to test resistance at $4,200, before violently crashing approximately 10% back below $3,800. BCH has posted comparable volatility, currently trading for $135 after rallying above $150 for the first time since Jan. 10 earlier today.
Also Read: German Derivatives Exchange Rumored to Be Launching Crypto Futures
BTC Fails to Establish Support at $4,000
BTC briefly rallied above $4,000 today after gaining more than 4% in one hour. The rally saw BTC test $4,200 for the first time since Dec. 2018, before crashing 9% in less than 60 minutes as bulls failed to establish support at $4,000. Bitcoin core is currently trading for roughly $3,800.
BTC currently has a market cap of $67.32 million and a dominance of 52.1%.
BCH Briefly Trades Above $150
BCH produced a more steady rally today, gaining 11% in 12 hours to trade above $150 for the first time in approximately seven weeks. After support failed to hold at $150, BCH shed 15% in less than one hour. Bitcoin cash is currently trading for roughly $130.
When measured against BTC, BCH gained 5% in two hours to establish resistance at 0.0375 BTC, before falling 7% in one hour. BCH is currently trading for approximately 0.0345 BTC.
BCH is the sixth largest crypto asset with a market capitalization of $2.34 billion and a dominance of 1.85%.
ETH Tests Resistance at 0.04 BTC
Ethereum gained 13% across the course of 12 hours today, breaking above the $150 area before posting a local top at $170. The gains were short-lived, with ETH crashing 15% in one hour after support at $165 failed to hold. Ethereum is currently trading for $150.
When measured against BTC, ETH gained 6% in 12 hours to post resistance just below 0.04 BTC, before falling 9% in less than three hours. ETH is trading for 0.0363 BTC as of this writing. Ethereum is the second largest cryptocurrency with a capitalization of $14.61 billion and a dominance of 11.52%.
What direction do you expect the crypto markets will trend in during coming days? Share your thoughts in the comments section below!
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