After $1000 weekend move for Bitcoin, the asset is back above $18,000 while Cardano soared by 35% in a week so let’s read more about the market analysis in our altcoin news today.
Right after $1000 weekend move, Bitcoin reached $18,000, ETH reclaimed $550 while ADA rose by 35%. Bitcoin soared back the most and other alternative coins increased in value as well, adding an additional $30 billion to the total market cap in one day. After the strong price drops from earlier this week that resulted in BTC losing about $3000 in a few hours, the asset consolidated around $17,000 for a few days. The benchmark cryptocurrency got a few drops beneath this level but the situation changed over the weekend. BTC broke the $17,000 price range and hasn’t looked back since then. It jumped above $18,000 as well, a few minutes ago.
The 16% price drop didn’t affect Bitcoin’s social media sentiment but according to Santiment, the crypto analytics company, the positive comments remained optimistic despite the market situation. The company wrote:
“This is only the 4th time since 2017 that BTC sentiment has stayed this positive.”
The alternative coins performed worse than BTC as ETH dropped on Thanksgiving from its yearly high of $620 to $485. Ripple went as high as $0.80 before dropping to $0.46. both of the assets however and some of the other altcoins saw a recovery over the weekend. ETH gained 6% in the past 24hous and is now trading at around $550. XRP increased by 13% and reached $0.60. Bitcoin Cash increased by 4.5%, Litecoin by 7%, Polkadot by 4%, and chainlink by 4%. Cardano won over all of them with a strong 15% surge. ADA took the 7th spot in terms of a market cap according to CoinGecko.
The lower and mid-cap coins saw sharper increases. Zilliqa increased by 23%, Nexo by 18%, IOTA by 13%, and Ocean Protocol by 10%. The total market cap increased to $535 billion which marks a $30 billion increase since yesterday. Also as reported previously, Bitcoin started a fresh upward movement above the $17,000 level and the $17,200 levels. The price will trade now above the $17,500 resistance and the 100 simple moving average. There was also a break above the major contracting triangle with the resistance zone of $17,200 on the 4-hour charts of the BTC/USD pair. The pair could now revisit the $18,200 resistance where the bears could start fighting. Over the past week, BTC saw a sharp downside correction below the $18,000 and the $17,200 against the US dollar with the pair breaking the $16,800 support and the 100 simple moving average.
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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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