Altcoins, Bitcoin, Cryptocurrency

Crypto Market Update 12/31: Bitcoins is on a roll – Alts on stand-by

Bitcoin extended its surge and traded to a new all-time high above USD 29,200. While Ethereum is still struggling to clear USD 750, XRP is consolidating above USD 0.200. On the Alts’ side, WAVES, XLM, and ICX are down.

After settling above USD 28,500, Bitcoin commenced a new increase. BTC broke the USD 29,000 level and traded to a recent all-time high close to USD 29,300. It is currently (05:00 UTC) consolidating gains, and it seems like the bulls might aim for a test of USD 30,000 in the near term.

Besides, most significant altcoins are stuck in a range, including Ethereum, EOS, XLM, LINK, BNB, XRP, TRX, bitcoin cash, DOT, litecoin, and ADA. ETH/USD is still struggling to gain bullish momentum above USD 745 and USD 750. XRP/USD shows recovery signs, and it seems to be forming a support base above USD 0.200.

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Bitcoin Price

There was a new increase in Bitcoin (BTC) above the USD 28,500 and USD 28,800 resistance levels. BTC even climbed above the USD 29,000 level and traded to a new all-time high near USD 29,300. Recently, there was a pullback below USD 29,000, but BTC remained well supported. Initial support is near the USD 28,800 level.

The primary support might be forming near the USD 28,250 level. On the upside, BTC is facing hurdles near USD 29,300, above which it could grind higher towards the USD 30,000 level.

Ethereum Price

Ethereum (ETH) remained well supported above the USD 720 level. It seems like ETH is stuck in a crucial range, with a significant resistance near USD 745 and USD 750. If there is a clear break above the USD 750 level, the price might accelerate towards the USD 788 and USD 800 levels.

Initial support on the downside is seen near the USD 732 level. The critical support and a range lower end is near the USD 720 level, below which the price might revisit USD 700.

Bitcoin Cash, Litecoin, and Ripple Price

Bitcoin Cash (BCH) is consolidating above the USD 350 level. On the upside, BCH could struggle to gain momentum above USD 360 and USD 365. If it succeeds, there could be a sharp increase towards the USD 380 and USD 388 levels. The next significant resistance on the upside awaits near the USD 400 level.

Litecoin (LTC) is down over 2%, and it is now trading below the USD 130 support. The next significant support is near the USD 120 level. If there is a close below the USD 120 level, there are chances of a sharp decline towards the USD 105 and USD 102 levels. To start a new increase, the price must clear the USD 130 level.

Ripple (XRP) is up around 5%, and it is trading well above the USD 0.200 level. It seems like a support base is forming near USD 0.200, below which it could resume its decline. The price must clear USD 0.232 and USD 0.250 for a new increase in the coming sessions on the upside.

Other Alts Market Today

A few Alts declined over 5% in the past few hours, including WAVES, XLM, ICX, SNX, NEXO, SC, OMG, DASH, XTZ, REP, KNC, and ATOM. Out of these, WAVES is down 8%, and it broke the USD 6.45 support.

Generally, Bitcoin is trading above USD 28,300 and USD 28,500. It seems like BTC might continue higher towards USD 29,500 and USD 30,000 in the near term.

Here’s wishing you a Happy New and Good Year ahead, Cryptoverse!

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