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Analysis

Crypto Market: BTC Remains Stagnant as ETH Targets $400

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After a relatively quiet weekend with no major price movements in the crypto market, Bitcoin is slowly rebounding. The current transaction price is approximately $11,700.

Comparing Altcoin Trends in the Crypto Market

Ethereum and Ripple have shown similar performances over the past few days, with no apparent fluctuations and with a slight increase over the past 24 hours. ETH is now up less than 1% to $393, while XRP is up a little more than 1% to $0.285.

Crypto Market Overview. Source: Coin360
Crypto Market Overview. Source: Coin360

Chainlink and Cardano posted slight losses at $15 and $0.124, respectively. On the flip side, Litecoin rose 4% to $61, Crypto.com coins rose 2% to $0.17, and Bitcoin Cash (2%) rose to $290.

The first 20 tokens will see more impressive price increases. Tezos rose nearly 6% to $3.67, NEO (4.5%) to $19 and Cosmos rose 12% to over $8.

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The most impressive profits are made by low-value altcoins. Aragon (26%), Swipe-SXP (15%), Basic Attention Token-BAT (14%), NEM (13.5%), Siacoin (11%), Terra (11%), ONLY (10.3%) ) And THETA (10%) are both expressed with two digits.

In contrast, Augur fell 6% for the second straight day after peaking on Saturday. Ren fell 5.66%, Bytom fell 5.6% and Yearn Finance fell by 4%. However, a YFI priced at more than $13,000 is still more than a Bitcoin. The company recently marked a significant milestone with a Total Value Lock (TVL) of more than $1 billion.

Bitcoin Remains Silent

Unlike most altcoins, the recent price movements of Bitcoin have been stable. BTC has not seen much volatility since mistakenly breaching at $12,500 last Monday. In almost a week, BTC’s trading price was between $11,400 to $11,800.

Crypto Market: BTCUSD Trading Chart. Source: TradingView
BTCUSD Trading Chart. Source: TradingView

From a technical standpoint, since BTC is trading around $11,700, it needs to break through $ 11,800 and then challenge $12,000 to return to a higher bullish trend. In the long run, we can say that the market is bullish in the long run as long as BTC maintains its previous high of $10,500. From below, the initial support is at $11,400, then at $11,200 and $11,000.

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