Posted 2 years ago | by Ben Armstrong
Crypto Prices Broadly Higher-Bitcoin Leads the Way
Cryptocurrencies are trading broadly higher in fiat currency terms today. The CCI30, a broad measure of the 30 most valuable cryptos by market cap, has risen to 3,282 at the time of writing, after trading over the 3,300 level in the previous hours. While buying pressure is strong across the entire crypto complex, Bitcoin prices are leading the charge to higher price levels.
Bitcoin prices have been in rally mode for most of the last 24 hours, and have traded as high as $10,400 USD. This strong move upward has totally erased the drop last week, and puts Bitcoin prices on a bullish footing.
From a longer term perspective, we can begin to see a support zone emerging at the $9,500 USD level. BTC prices have bounced off this level three times in the last two months, giving some credibility to the idea of higher prices in the medium term.
BTC's latest bounce has carried it more than 6% higher in 24 hours, and given the buying momentum, BTC could challenge the $11,000 level in the coming days.
Ethereum, the world's second most valuable crypto, has also popped over the last 24 hours. At the time of writing ETH is trading at $177.20 USD, up over 3% from 24 hours earlier. Unlike BTC prices, ETH has yet to recapture last week's highs, which sit at around $187 USD.
Ripple (XRP) appears to be in the same boat as ETH. XRP traded as high as $0.2640 in the last 24 hours, but has sold off to the $0.2592 level at the time of writing. While XRP is still up by around 2% in the last day, it is a far less impressive move than the gains BTC is sporting.
Litecoin (LTC) prices are doing a bit better then XRP, and at the time of writing are holding on to a 2.4% gain compared to a day earlier. Like all of the other tokens besides BTC, LTC has failed to climb back to last week's highs, which were around $72 USD. LTC is currently trading at $66.87 USD, around 9% lower than a week before.
The overall situation for cryptos seems to have shifted to a moderately bullish bias, though the failure ETH, XRP and LTC to reclaim recent highs is worth keeping an eye on. For now, it appears that BTC is the best bullish bet in the crypto complex.