Bitcoin and Cryptocurrency Markets Maintain Their Upward Momentum
Bitcoin continues to hover beneath the resistance level of $35,400, while various altcoins are still demonstrating upward momentum in the cryptocurrency market.
Wednesday morning has brought a predominantly green hue to the world of cryptocurrencies. Despite a modest rebound yesterday, the cryptocurrency market’s optimism remains intact. Bitcoin is currently priced at $35,400, and several alternative cryptocurrencies are capitalizing on this momentum.
Bitcoin Holds Firm
The foremost cryptocurrency, Bitcoin, appears resolute in maintaining its elevated position. Recent attempts to breach the $36,000 resistance level were thwarted, although the overall price action remains robust.
Nonetheless, the gradual, upward grinding of Bitcoin’s price does leave room for the possibility of a sudden downward correction. Nevertheless, this short-term fluctuation should not overshadow the promising outlook for Bitcoin in the coming 18 months.
Ethereum: The Steady Performer
Ethereum, as is often the case, seems to be playing the role of the tortoise in this cryptocurrency race. It has been consolidating its position above the $1,880 trend line, which is a crucial initial step. Furthermore, Ethereum needs to reverse its performance against the ETH/BTC pair, as it currently treads on shaky ground with the risk of a significant decline if it fails to do so.
Altcoin Market Cap Nearing Resistance
The fate of other altcoins is closely tied to Ethereum’s success. A decrease in Bitcoin dominance and the freedom for altcoins to surge higher hinge on Ethereum’s performance. The market capitalization of all altcoins (Total3) is approaching trend resistance at a combined value of approximately $400 billion. A breakthrough beyond this level could potentially pave the way for a surge to $450 billion.
Disclaimer: This article is provided solely for informational purposes and should not be considered as legal, tax, investment, financial, or any other form of advice.