The crypto markets registered high volatility and higher gains last week, with Bitcoin (BTC) nearing $5,400 and major altcoins increasing by more than 60%.
High volatility has returned to the crypto market in the last couple of weeks, with BTC and the major altcoins gaining over 60%.
- BTC is trading at $5,285.74 at the time of writing, and it has jumped by about $1,000 since its highest price in March this year.
- Major altcoins like Ethereum (ETH), Tezos (XTZ), Monero (XMR), and Ontoloy (ONT) also showed significant gains in the past days.
- ETH peaked at $176.60 last Friday, April 20, but currently trades at $169.52. It also recovered from its slump Tuesday, April 16, when it hit as low as $160.
- XTZ bounced back Thursday, April 19, with a $1.41 trading price from its Tuesday slump.
- Although now trading at $68.41, XMR hit $70.44 before dropping on the same day on Sunday.
The long term BTC trend remains bearish with major resistance for the bulls at $6,000. Daily close above those levels could give a further push on the update. Short term resistance is currently capped at around $5,300.
- Despite BTC’s impressive performance as of late, the biggest cryptocurrency still projects a bearish long-term trend.
- The BTC price last week Tuesday played between the $5,200 and $5,300 levels, giving traders an impression that a possibility of seeing BTC hit $6,000 may not be any time soon.
Ethereum has been one of the best crypto assets on the long side since December 2018 with a total of 1.34% gains for the period. Since the beginning of April, ETH/USD pair booked over 34% gains, following BTC’ surge. Short-term bias is bullish.
- ETH broke out of the $4.50 level between on March 31, thereby starting April on a good note above $5.00.
- ETH/USD almost reached $6.00 in the second week of April but went short in maintaining its upward movement.
- ETH has been trading along the $5.50 level since Tuesday, April 16.
The third largest digital asset, XRP, has been mostly stuck in range trade between $0.32 – $0.35. Ripple’s coin has been in a long term consolidation pattern since the market dropped off the highs in December 2017. Short-term bias remains bearish.
- News of Ripple’s intentions for a global expansion of its xRapid cross-borded payments system may have positively affected the bullish impression for XRP.
- XRP hasn’t gone past the $0.35 level since the major slide toward the end of the second week in April.