Bitcoin Registers New 2020 High While Total Market Cap Tops $400 Billion
A slight price jump took Bitcoin to a new yearly high, but the king crypto coin has since retraced. Nonetheless, BTC keeps venturing below the $13,000 line.
Bitcoin continues with the 2020 records and just a few hours ago registered a new high of more than $13,350. The majority of alternative coins followed suit with excellent increases, but the market has since settled. The whole cryptocurrency market is now worth more than $400 billion.
Bitcoin Attained Yet Another 2020 High
A few days ago, the primary crypto coin exceeded the August 2020 high of $12,500 and got to $13,200. The rise was followed by a slight retracement to around $13,000 and stagnation. However, the volatility returned in the last 24 hours, and the coin went to conquer new highs.
This time, Bitcoin managed to break above the $13,350 line, with data from Bitstamp showing the new 2020 high as being $13,362. Another dramatic rejection followed, and the asset plummeted below $13,000; still, the bulls have since taken it above the coveted mark, and now BTC trades at around $12,940.
A cogent chart recently showed that Bitcoin is forming an inverse head and shoulders pattern, and if it plays out, the king coin could soon soar even higher and top its all-time high of $20,000.
BTC/USD. [Image Source: TradingView]
If this is the case, Bitcoin would have to break above the resistance levels at $13,420, $13,500, $13,815, and $14,000 before registering new records.
Altcoins Follow Up And Settle
Most altcoins experienced the same increased volatility as Bitcoin. Ethereum (ETH) soared to a new seven-week high of almost $420. Still, it quickly retraced and is now moving around $409 again.
Cryptocurrency Market Heatmap. [Image Source: Quantify Crypto]
Ripple’s highest line came at around $0,26 but has since dropped to below $0,253. Therefore, on a 24-hour range, most larger-cap altcoins have stayed at the same levels as yesterday, in spite of the short-lived price jumps.
Chainlink (LINK) and Litecoin (LTC) have recorded the most gains of around 3.6 percent, with LINK trading close to $12,35 and LTC changing hands at $56,30.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.