Posted 2 years ago | by Ben Armstrong
Crypto Complex Holds Gains
The CCI30 has been largely range bound over the last 24 hours. It has traded over the 3,350 level, but is presently hovering around 3,273, little changed from a day ago. The announcement of the first two crypto ETFs in the USA seems to have buoyed market sentiment, and most of the major cryptos are trading flat to up.
Bitcoin appears to be maintaining its bullish momentum, and has tacked around 1.5% onto its price over the last day's trading. BTC prices are currently at $10,524 USD, though the world's most valuable crypto by market cap traded as high as $10,700.
From a longer term perspective, BTC's price action looks more bullish. It has taken out resistance at the $10,500 USD level over the last 24 hours, and could be staging an assault on the $11,000 USD level in the coming days
The $10,500 USD level capped the advance of BTC over the last two weeks, and if it is turning into a support line, BTC prices could be looking at a rapid advance to at least $11,500 before some consolidation is due.
Ethereum prices have been basically flat over the last 24 hours, despite logging prices as high as $182.50. ETH is currently trading at around $177 USD, which represents a marginal gain over the last day. The world's second most valuable token by market cap is still down on a one week time frame, and hasn't been able to perform along side of BTC.
Although ETH was able to briefly breaking the $180 level, it was quickly sold down. ETH remains unable to reclaim the levels it held prior to its fall last week. It appears to need more time to stage an advance on higher prices, if in fact its bullish bias remains intact.
Ripple (XRP) has been trading almost totally flat over the last 24 hours, with a few spikes higher. It is currently trading a touch below $0.26 USD, and hasn't been able to hang on to any bullish momentum. Much like ETH, XRP still remains well below the levels it held before last week's fall, and may need more sustained buying momentum to advance to higher price levels.
Bitcoin still appears to be the market leader in this year's bull run. It has been able to erase last week's fall, and may be in the process of turning the $10,500 USD level into support. If further positive BTC developments hit the crypto market, we may see knock-on buying in some of the other tokens.