Bitcoin Price Rally Stalls Above $8K As Ether, XRP Shine
- Alternative cryptocurrencies are flying high while bitcoin is having a breather above $8,000.
- Notably, ether (ETH) has hit a seven-month high of $235 and looks set to extend gains further toward $256 (Sept. 22 high) in the near-term. XRP, meanwhile, has confirmed a bull breakout.
- With hourly chart indicators diverging in favor of the bears and the daily relative strength index (RSI) reporting overbought conditions, bitcoin is looking increasingly vulnerable to a price pullback to the key rising trendline, currently placed above $7,200.
- Bitcoin could challenge Tuesdays high of $8,335 and possibly break toward $8,500 if the lower highs pattern seen on the RSI is invalidated.
With bitcoin (BTC) price rally showing signs of exhaustion above $8,000, investors have begun diverting money into relatively cheap alternative cryptocurrencies (altcoins).
The worlds leading cryptocurrency by market value jumped to a 10-month high of $8,335 in the early European trading hours on Tuesday. The rally, however, stalled with BTC witnessing a minor pullback to lows near $7,600 in the U.S. trading hours.
As of writing, BTC has returned to levels just below $8,100, representing little change on the day.
While bitcoin is showing signs of bullish exhaustion, the altcoin market is a sea of green with prominent coins like ether – the second largest cryptocurrency by market value – rising to $235 on Bitstamp, its highest level since Oct. 1, 2018.
At time of writing, ether is trading at $232 – up 12 percent on the day – having witnessed a golden crossover, a bullish cross of the 50-day and 200-day moving averages (MAs) last month.
Even ethers strong performance, however, is being overshadowed by XRP, which is the best performing top cryptocurrency of the last 24 hours.
The price of a single XRP jumped to $0.45 earlier today, the highest level since Dec. 24, confirming a double bottom breakout (a bearish-to-bullish trend change) on the three-day chart. As a result, the third largest cryptocurrency could rise further toward $0.50 in the near-term.
- XRP has appreciated by 14.7 percent in 24 hours, with prices hitting 4.5-month highs near $0.45 across major cryptocurrency exchanges.
- Stellar (LM), cardano (ADA) are also up by nearly 12 percent each.
- Bitcoin cash is flashing red, having hit a six-month high of $410 on Tuesday.
While major altcoins have found some love, the flow of money is also heading towards lesser-known cryptocurrencies, as seen in the chart below.
Project Pai, ranked 71 as per market capitalization on CoinMarketCap, has appreciated by 28 percent in the last 24 hours and is currently the best performing top 100 cryptocurrency.
- In second place is tezos (XTZ), up 21 percent. The cryptocurrency trapped sellers on the wrong side of the market last week with a fake head-and-shoulders breakdown and printed six-month highs near $1.68 earlier today.
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