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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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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