Crypto market cap gained $30 million over the weekend while Bitcoin rises above $18,500 and other altcoins follow. The total crypto market cap jumped to $555 billion as we are reading more in the latest crypto news today.
After the recent price drops to below $16,500 levels, BTC reacted well and added more than $2000 in value, gradually. The alternative coins doubled-down on their recovery sessions and the total crypto market gap gained over $30 billion in one day. Thanksgiving boosted bitcoin a little but then the cryptocurrency dropped and lost over $3000 in a few hours. After bottoming to $16,250, Bitcoin managed to recover a little of its losses and traded around the $17,000 price range for a few days. the situation changed a little over the weekend as the number one cryptocurrency started gradually increasing in value.
Bitcoin initially reclaimed its $17,000 position and hit the $18,000 as well. Looking from a technical viewpoint, BTC’s next obstacles lie at the resistance lines that are set at the $18,800 level and the $19,440 before having another chance of hitting a new yearly high. On the other hand, the support levels at $18,240, $17,715, and $17,850 could help the coin if the trend reverses again. Some of the alternative coins suffered the most during Thanksgiving weekend and they were mostly in the green for a few days in a row.
Ethereum bottomed at $485 but the second-biggest cryptocurrency recovered most of its losses. After adding about 8% to its price over the past day, ETH hit $585. Ripple increased by 3.5%, Bitcoin cash increased by 5%, Cardano by 5.5%, Binance coin by 4%, and Litecoin by 7%. Chainlink and Polkadot were among the most impressive gainers, increasing by 9% and 11% respectively. Also, Aave leads with a 19% surge, Sushiswap increased as well by 13%, Ampleforth by 15%, and Yearn Finance by 11%.
The price developments affected the total crypto market cap so the cumulative market capitalization of all crypto assets surged to $555 billion which means it increased by $70 billion in four days. As reported earlier, Bitcoin is slowly rising and it even broke the $18,500 resistance while the price traded as high as $18,559 above the 100 hourly simple moving average. There’s a major rising channel forming with the support of $18,280 on the charts of the pair while the BTC bulls keep on pushing above the strong $18,800 resistance zone.
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