Cryptocurrency prices rise as bitcoin breaks above range
Bitcoin broke out of its recent trading range on Monday, prompting a broad rally across the cryptocurrency sector, with all but one of the top 10 registering gains.
At one point bitcoin climbed as high as $7,358, according to data from Investing.com, before trading back at $6,762 by late morning in London – sitting just above its recent $6,500-$6,700 range.
“Bitcoin dropped from slightly above $6,500 only to defend the support at $6,600 after trading lows of $6,060,” said John Isige at FXStreet.
“However, a breakout occurred around the opening of the session on Monday and the bulls reclaimed support levels at $6,300, $6,400 and eventually broke above $6,600.”
He added: “The consolidation over the weekend has paid off greatly. In fact, the entire crypto market has added a massive $14 billion in a single day.”
Another, non-technical, reason for the rally could be the dislocation in the stablecoin market. Tether – the leading dollar-backed cryptocurrency – fell on Monday, dislocating from its dollar peg. Concerned investors selling down their tether holdings may have increased their stakes in other cryptocurrencies.
Here’s how the market for the top 10 digital assets by market capitalisation looks at 11.30am [London time]:
- Bitcoin +6.3% at $6,772
- Ethereum +7.9% at $218.71
- Ripple XRP +8.8% at $0.46
- Bitcoin cash +6.1% at $477.40
- Eos +5.5% at $5.86
- Stellar lumens +6.9% at $0.23
- Litecoin +5% at $56.48
- Tether -4% at $0.94
- Cardano +5.4% at $0.08
- Monero +4.8% at $108.94