Bitcoin Aims For New 35-Month High Retesting $18,400

Bitcoin has reclaimed the $18,000 mark after plummeting to $17,400 yesterday. Most alternative coins have also recovered the recent losses, and the total market cap has surged back to $510 billion.

Bitcoin Spikes With $1K In A Day

The primary cryptocurrency broke above $16,000 on November 16th and hasn’t looked back. In fact, BTC has appreciated in value significantly as it peaked at a new yearly high of $18,500 on November 18th.

Since then, though, the cryptocurrency had some issues with maintaining such a steep price tag. Just yesterday, Bitcoin bears took charge and dumped the asset to its intraday low of $17,400.

However, BTC hasn’t stayed down for too long lately and quickly jumped above $18,000 once more. This time, the price increase continued, and just a few hours ago, BTC reached $18,400. This materialized a $1,000 price surge in less than 24 hours.

Bitcoin has retraced slightly but still sits above the $18,000 level, and speculations on whether or not BTC will break its ATH are back on the table. To do so, Bitcoin has to overcome the resistance lines at $18,500, $18,950, $19,400, and $19,660.

On the other hand, the support levels at $17,930, $17,700, and $17,500 are the first line of defense in case of a price breakdown.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Rejoice

The alternative coins had it worse during yesterday’s bloodbath. The situation has dramatically changed in a day with some impressive price jumps. Ethereum has increased by over 3% and sits at $490. As such, ETH is about $5 away from its yearly high.

Ripple and Bitcoin Cash has pumped by a similar percentage – 3.5% to $0.30 and $253, respectively. Binance Coin (1.4%), Chainlink (4%), and Cardano (1.7%) are also in the green.

However, Litecoin and Polkadot are the best performers from the top ten with 11% surges. DOT trades at $5.2, while LTC is above $80 for the first time since February 2020.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Even more impressive double-digit gains are evident from mid and lower-cap alts. SushiSwap leads with a 27% increase in a day. Furthermore, SUSHI has skyrocketed by 130% in a week to $1.70.

Waves (26%), CyberVein (18%), Reserve Rights (15%), Yearn.Finance (14%), Uniswap (14%), Curve DAO Token (13%), and Huobi Token (12%) have also marked notable price increases.

Overall, the cryptocurrency market cap has surged to $512 billion after dipping to $480 yesterday.

Total Crypto Market Cap. Source: CoinMarketCap
Total Crypto Market Cap. Source: CoinMarketCap

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