Third Time’s the Charm? Bitcoin Breaks Above $12,000; Top Altcoins Coming Out of Hibernation to Make a Splash
Bitcoin has broken above $12,000 today to hit $12,222 on Bitfinex. This has been the third time this month and is to be seen if we will be able to sustain this level.
On CME, bitcoin futures are trading about 1% higher.
Experiencing a system spike issue. Fixing. Should be resolved momentarily.
— CZ Binance (@cz_binance) August 17, 2020
The largest digital asset has been making good progress in 2020 with altcoins enjoying the bulls too. But trader and economist Alex Kruger says a sharp reversal here would be very bad for altcoins.
“Leverage in many alts is now sky high. BTC still in a measured uptrend within a positive macro environment. A good path to cleanse excesses would be a sharp break and V-reversal at 12K. If that happens, alts should puke,” he said.
Among the top cryptocurrencies, LINK is the biggest gainer that has been hitting new highs every other day.
Ether started leading the market after it gained momentum last week.
Now looks like the gains are spilling into other top altcoins as total market cap adds over $6 billion today.
“ETH has recently broken out from its Bull Flag. Since then, money has been flowing into other Large Caps as well. Here are three Majors with identical market structures, in various stages of their breakouts,” noted analyst Rekt capital.
With 25% gains, Litecoin has finally recorded some greens. LTC has been slowly sliding down as other coins took its place.
The 8th largest cryptocurrency by market cap of $4.2 billion is now trading at $64.4 on the back of increasing volume but still down 84% from its ATH.
According to TraderX0X0, if bitcoin lets it, Litecoin can see a 50% pump too early 2020 highs.
— Rekt Capital (@rektcapital) August 17, 2020
Litecoin creator Charlie Lee, who is infamous for selling his LTC stash at the top, took to Twitter to point out that “Litecoin SegWit usage has reached 80%, whereas Bitcoin is only at 50%,” for which Blockchain.com not implementing SegWit is the primary cause.
Bitcoin Cash and EOS meanwhile are up only by 46% and 44% YTD while being down 92% and 83% from their ATH, respectively.
Even Justin Sun’s Tron (TRX) has been enjoying the gains lately, hitting a 52-week high over the weekend, up 30%.
$TRX – 30% up
And another one!
Dislike Justin as much as you want – the chart is all that matters. pic.twitter.com/yQZRpUK4jE
— TraderXO (@TraderX0X0) August 17, 2020
Interestingly, XRP, still down 92% from its peak, is also recording greens today of 5.63% to move back above $0.30.
There you go.
Held the first level of interest and holding above the 100-Day and 200-Day MA.
If it breaks the first level of resistance, next target zone is 3700 sats. pic.twitter.com/IHLsoPY5Zd
— Crypto Michaël (@CryptoMichNL) August 17, 2020
XRP’s competitor Stellar Lumens (XLM) is trending up even harder, with 9.12% gains trading at $0.115.
Other notable gainers include OMG (22%), YFI (20%), 0x (14%), REN (13%), and STEEM (11%). Meanwhile, BTT, NEO, and NEM all are up about 8%.