Bitcoin Breaks Higher, Outperforms Major Altcoins
Bitcoin (BTC) is leading the rally higher today on what has been a strong day for the broader crypto market so far, with the uptrend for ethereum (ETH) also holding up despite a mixed picture among other altcoins.
As noted in yesterday’s market watch, a daily close above the USD 11,500 level for bitcoin could open the door for more gains for the coin. And following yesterday’s mini rally, that is exactly what happened, with the price closing at USD 11,756 for the day.
Looking at the total crypto market capitalization, the market has continued to grow since the brief correction on August 2, although we still have yet to reclaim the highs from before the correction. As of this writing (09:03 UTC), the total crypto market capitalization stood at USD 360.3bn, down from a high of USD 364.4bn just before last weekend’s correction.
Total market capitalization
Despite the strong performance shown by bitcoin yesterday, the price still ended up below the important USD 12,000 mark, and below the recent high from August 2 of USD 12,134. The two levels now make up the two most immediate resistance levels for bitcoin, and a break above these levels would almost certainly boost the confidence of bitcoin bulls further.
Ethereum is still looking strong from a technical perspective, with the sharp uptrend that started around July 20 still intact. Zooming in on the shorter-term, however, the price is still below the high of USD 415 reached just before the correction started on August 2, which now acts as resistance to the upside.
With higher lows still being seen on both the daily and the 4-hour charts, however, there is little doubt that the bulls still remain in control of the ETH market.
Bitcoin cash, ADA and XRP price
Moving over to bitcoin cash (BCH), it’s clear from the daily chart that the coin lacks the same bullish momentum as bitcoin has seen over the past couple of days. The coin has failed to move above the key USD 300 level, even as bitcoin passed USD 11,500. BCH also has a way to catch up with the high of USD 338.5 from before Sunday’s correction, and the previous uptrend seen on the daily chart has been broken.
Similarly, cardano (ADA) is also stuck in a weaker uptrend than BTC and ETH, although the structure on the daily chart for this coin looks robust. The price is currently consolidating between the USD 0.133 and USD 0.149 levels, and a break above the upper end of this range would open the door for further gains to come.
Lastly, XRP finally appears to be taking a breather from its near-parabolic rally on the daily timeframe between July 20 and Aug 3. The coin is now consolidating its gains in a triangle pattern, with a potentially imminent breakout to either side signaling the near-term future direction for the price.
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