The market bulls have turned up this week. Their appearance began late on Sunday, seeing a majority of cryptocurrencies turn green. At the time, the gains were marginal for a number of coins.
Today, however, the gains have spread around to nearly all cryptocurrencies. Top coins have also been recording higher gains. Leading the race is Bitcoin which has recorded a much higher jump. Earlier in the morning, this was as high as 12%. The coin has since slowed down and at the time of press is up by 9.53%.
Other coins which have been recording high gains in the last 24 hours include Bitcoin Cash, Monero and Tron. At the time of writing this, they are all recording highs of more than 4%. Ethereum and XRP are at press time recording gains of more than 3% which has seen them climb above $230 and $0.32 respectively.
Bitcoin (BTC) Gets Back Above $11K
In the morning, the fresh gains seemed to be triggered and led by altcoins but soon enough, Bitcoin caught up. The asset also recorded gains of more than 12% seeing it climb above $11K and as high as $11,723.
Although the bullish move has been welcomed, it is unlikely to see the asset break above higher resistances such as $12,500. The asset’s dominance is still high, having moved from 65% to around 67.85% in the last few days. It is also evident that the latest move isn’t as strong as previous rallies gave the low trading volume.
During the prime of Bitcoin’s rallies, the asset was recording daily volumes of more than $30 billion. in the last 24 hours, trading volume is around $17 billion. This lack of high volume means it is unlikely to see Bitcoin break higher resistance positions.
As we reported, the $10K and $14K price range could be a consolidating period. With Bitcoin getting back above $11K means that investors have confidence that the asset will rally again and can take long positions without fear of extended losses below the same position.