The Bitcoin hype machine is back. This time, the world’s largest cryptocurrency’s dominance has risen to 61%, a level not seen since August of this year. This triggered a substantial rise in the collective market cap of the cryptocurrencies to $393 billion.
Bitcoin’s [BTC] stint above $13k was short-lived, nevertheless, it was up by 0.21% over the past 24-hours which drove its price to $12,973. At the time of writing, the coin registered a market cap of $240 billion and a 24-hour trading volume of $27 billion.
Following the latest rise, the dotted markers of Parabolic SAR aligned below the Bitcoin price candles resisting a downward breakout. The RSI, however, appeared to be heading down from the overbought zone as price corrected a little below $13k. Despite the fall, the sentiment of high buying pressure remained intact.
BTC resistance level stood at the recently breached $13,329 while its support stood firm at $11,318.
Ethereum [ETH] broke the coveted $400 resistance level yet again following the massive surge. However, due to the pullback that followed soon after, ETH noted a minor decline of 0.84% over the last day. At the time of writing, the largest altcoin was valued at $407.9 with a market cap of $46.15 billion and a 24-hour trading volume of $12.20 billion.
For the most part, Chaikin Money Flow remained above the zero-line, depicting a positive phase. With the latest upward price action, the CMF surged a tad bit higher depicted a rise in the inflow of capital into the coin market. Additionally, the MACD generated a strong buy signal as it formed a bullish crossover over zero. A move by the MACD into bullish territory can confirm that ETH is heading to make more gains in the coming days.
If this materializes, ETH could climb to its nearest resistance level of $440 as its support stood at $319.
Litecoin [LTC] woke up from a deep slumber breaking a crucial resistance on the way and climbed to $56.86 after noting a surge of 0.88% over the past 24-hours. It registered a market cap of $3.73 billion and a 24-hour trading volume of $3.91 billion.
The latest price action has triggered a bullish crossover in both Klinger Oscillator as well as MACD. If LTC bulls manage to retain this level, the price could target an overhead resistance of $62.4 while its support was found to be at $41.3