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Bitcoin prices are on the rise again after a brief dip last week. The leading cryptocurrency is now trading at over $11,000, and many experts believe it will continue to rise in value. If you’re thinking of investing in Bitcoin, now is a good time to do so.
BTCUSD Breaks Above $4,000
Bitcoin surged more than 10 percent on Tuesday, breaking above $4,000 for the first time in nearly a month as weak U.S. economic data stoked investor concerns about the health of the world’s largest economy.
The digital currency hit an intraday high of $4,097.59, before paring some gains to trade at $4,083.21 at 1:11 p.m. ET, according to CoinDesk’s Bitcoin Price Index (BPI).
Tuesday’s move marked Bitcoin’s biggest one-day percentage gain since February 27.
The rally came after data showed that U.S. manufacturing activity unexpectedly contracted in March, dragged down by weaker demand and supply disruptions caused by severe weather conditions.
BTCUSD Could Test $4,200
As the market sell-off continues, Bitcoin (BTC) is approaching key support levels. The cryptocurrency is currently trading at $4, 275, which is slightly above the day’s low of $4,195.
This sell-off has been caused by a number of factors, including the sell-off in global equity markets and the strengthening of the US Dollar. BTCUSD could find some support at $4,200, which is where it found support on February 6th. If this level does not hold, the next level of support is at $4,000.
Ethereum’s price is currently $XXX. The cryptocurrency has a market capitalization of $XXX and a circulating supply of XXX. Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
ETHUSD Breaks Above $140
In the past 24 hours, Ethereum’s price has surged by more than 5 percent and is currently trading above the $140 mark. This marks a significant breakout for the cryptocurrency, as it has now set a new 2020 high.
The surge in Ethereum’s price comes as Bitcoin’s price continues to climb higher. Bitcoin is currently trading at around $11,200, which is less than 1 percent away from its all-time high of $11,300. Ethereum’s breakout also comes as altcoins in general have been rallying in the past few days.
It remains to be seen whether Ethereum can sustain its rally or if this is just a temporary spike. However, with Bitcoin’s price also continuing to rise, it seems likely that Ethereum will continue to see some upside in the near-term.
ETHUSD Could Test $150
The Ethereum to USD exchange rate slipped by more than 5% early Tuesday as the broader cryptocurrency market bled value amid a fresh wave of selling pressure.
At press time, ETH/USD was trading down 5.74% at $152.62, having earlier hit an intraday low of $149.50. As noted in a previous market update, Ethereum’s price action on Tuesday followed a familiar script: the cryptocurrency tumbled alongside Bitcoin and most other major altcoins as global sell orders sparked a broad-based sell-off in digital assets.
One analyst believes ETH/USD could soon test $150 if bearish momentum persists.
The Litecoin price has surged today, reaching a new all-time high. The altcoin is now up over 400% since the start of the year, and its market cap has surpassed $10 billion for the first time. Strong demand from buyers in Asia appears to be driving the rally.
LTCUSD Breaks Above $60
The LTCUSD pair jumped higher today and broke above the $60.00 resistance against the US Dollar. The price even spiked above the $61.00 level and it currently consolidating gains below $62.00.
There was a proper close above the $60.00 resistance area and the 100 hourly simple moving average. A new monthly high was formed near $61.73 before the pair started a downside correction. It corrected below the 23.6% Fib retracement level of the recent wave from the $57.93 low to $61.73 high.
More importantly, there was a break below a key bearish trend line with resistance near $60.75 on the hourly chart of the LTC/USD pair (data feed from Kraken). The pair is currently testing a key support near the $59.50 level, which was a support earlier as well.
The 50% Fib retracement level of the recent wave from the $57.93 low to $61.73 high is also acting as a major support for litecoin near$59%, If there is a downside break below$59%, It could open ways for more losses in litecoin price towards$58 or$57 in short term
From a fundamental perspective, Litecoin seems to be under pressure as Bitcoin and most major altcoins correct lower after hitting new highs in early-April 2021 rally
LTCUSD Could Test $70
The recent market rally has seen Litecoin push higher against the US Dollar, with the LTCUSD pair breaking above the $70.00 resistance level. The technical indicators on the 4-hour time frame are sugggesting that a move towards the $72.00 level is now likely.
The Relative Strength Index is rising higher from the 50.00 level, while the MACD indicator is also gaining bullish momentum above its signal line. Overall, Litecoin looks set to continue higher in the near-term, but only a sustained move above $72.00 would turn the technical picture decisively bullish.
Bitcoin Cash Price
The Bitcoin Cash price is on the rise today, following a period of stability over the weekend. The cryptocurrency is currently trading at $1,270, up from its weekend low of $1,200. Bitcoin Cash has been one of the best-performing cryptocurrencies in recent weeks, and its price has nearly doubled since the beginning of November.
BCHUSD Breaks Above $230
It’s been a good week for Bitcoin Cash (BCH) as the cryptocurrency’s price surged to new yearly highs on multiple occasions. On May 7 the BCHUSD pair climbed above the $230 level for the first time since August 20, 2018, and at press time the price was hovering around $234 according to CoinMarketCap.
BCHUSD Could Test $240
Bitcoin Cash USD (BCH-USD) is currently trading at $236, down 3.4% on the day. The cryptocurrency has seen a slight pullback from yesterday’s highs of $245, but the overall trend remains bullish.
The market is consolidation just below the $240 level, which is a key resistance area. If we see a break above this level, we could see further upside towards the $250 level. However, if the market fails to break above $240, we could see a move back towards the $230 level.
The RSI is currently bullish but starting to come off from recent highs. If we see a move back below 70, this could be an early sign that the market is starting to lose some upward momentum.
The MACD on the daily chart is bullish but starting to flatten out. This suggests that momentum could start to fade in the near-term unless we see a sharp move higher in price.
Ripple (XRP) is currently the second largest cryptocurrency by market capitalization. Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network. Ripple was released in 2012 and co-founded by Chris Larsen and Jed McCaleb.
XRPUSD Breaks Above $0.30
The price of Ripple (XRP) has surged by more than 10% in the last 24 hours, breaking above the key $0.30 resistance level. The move comes after a period of consolidation below this level and takes XRPUSD back to its highest levels since mid-March.
The rally means that Ripple has now outperformed Bitcoin (BTC) and Ethereum (ETH) over the last week, with a 7-day gain of around 20%. However, it is still some way off its all-time high of $3.84, reached in January 2018.
At the time of writing, XRPUSD was trading at $0.305, up 10.5% from its price 24 hours ago. Ethereum (ETH) was up 5.6% over the same period, while Bitcoin (BTC) was flat.
XRPUSD Could Test $0.32
Ripple prices are grinding higher but gains are very slow.
From the intraday high of $0.3186, XRP lost ground to settle at $0.3088 by the close of trading yesterday.
Today’s price action is a continuation of the yesterday’s Gridlock Doji candlestick pattern which is an indecision indicator.
At the time of writing this post, XRP is changing hands at $0.3115 after gaining 0.48% on the day.
The market is currently caught in a consolidation phase with prices trading between $0.30 and $0.32 since Tuesday this week.
A breakout above the mentioned resistance level could see prices testing the next resistance target at $0.33 while a breakdown could see prices revisiting support at $0.30 or lower towards $0