Crypto prices move sideways as bitcoin eyes bullish breakout
Cryptocurrency prices were broadly higher on Tuesday, but the gains were, again, only modest as the market continued to move sideways.
The total market capitalisation of the cryptocurrency market has now remained above the key $200bn mark since 19 September, but since 29 September it has traded within a very narrow range around $220bn.
Over a similar period bitcoin, the largest of the digital currencies by market capitalisation, has traded similarly sideways, trading between $6,600-$6,700 since 27 September.
Speaking of the current bitcoin trend, John Isige at FXStreet said: “The bulls have the say, at least for now but they still do not have the power to sustain growth above $6,600.”
He added that the stability of the market resembled that of fiat currencies but, with the bulls in charge, expected an upward break out from the current range trading.
“On the upside, the immediate hurdle is $6,600 while $6,800 is the critical resistance that if broken, will pave the way for gains above $7,000 and eventually attack $8,000,” he said.
Price round up
Here’s a round up of the price movements in the top 10 cryptocurrencies on Tuesday at 11.30am [London time]:
- Bitcoin +0.6% at $6,658
- Ethereum +1.4% at $228.84
- Ripple XRP -0.3% at $0.48
- Bitcoin cash +.03% at $523.03
- Eos +2% at $5.89
- Stellar lumens +1.2% at $0.25
- Litecoin +1.9% at $59.11
- Tether unch at $1
- Cardano +2.3% at $0.09
- Monero +0.3% at $114.37