It’s official – Bitcoin broke the $7,000 margin over the past 24 hours and with that stabilized at a higher ground – something that was very expected from the flagship cryptocurrency.
Over the past day, despite the negative expectations of many investors who even said that Bitcoin could drop to $3,000 before initiating a new rise, the Bitcoin price surpassed the key resistance level at $7,000 and escaped the $6,800 mark which ‘trapped’ it for several days.
According to analysts, this move was crucial for the short-term recovery of Bitcoin. If the largest cryptocurrency by market cap had failed to surpass beyond the $6,800 mark, a minor correction could have been initiated – leading the dominant cryptocurrency back to the $6,000 level.
What happened was the very opposite – Bitcoin has recovered to $7,000 with newly gained momentum, bringing the tokens along with it.
Speaking of tokens, Dash, IOTA and Gas remain the best performing cryptocurrencies over the past couple of days. Dash rose with 26%, Gas followed with 22% and IOTA gained 19% over the past five days, which is a great performance for the tokens.
In the past 24 hours, it was 0X, OmiseGo, ICON, Nano and Quarkchain that recorded new large gains against the US dollar, demonstrating a surge of 5% to 15% while Bitcoin increased 4% on the day.
The cryptocurrency market cap, thanks to the new gains, added new $12 billion. Right now, it is safe to say that while the major cryptocurrencies have been volatile in the past months, they have not fallen below their support levels. From this, we can also say that cryptocurrencies are starting to recover from the downward trend.
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