Bitcoin looks set to post its fifth set day day of profits. Having started the day $7,750, the cryptocurrency started to make consistent gains at around 15:00 GMT. In the proceeding five hours, it had broken through the $8,000 barrier and continued to make its way through resistance at $8,100. Some further resistance lays ahead at $8,200 but sustained volume could lead to further upside.
The world’s largest cryptocurrency started the new year at $7,175, and it had posted modest gains, by the turbulent asset’s standards. Bitcoin sceptic Peter Schiff pointed to the fact that Bitcoin had only made the same 4% gains for the year as gold, in a Tweet posted yesterday. Within hours of his message, Bitcoin prices started to rise. BTC is now up more than 12% year to date.
For those Bitcoin bugs excited about Bitcoin's 4% rally in 2020, think about this. #Gold is also up by about the same percentage this year, only with significantly less downside risk. If this is the best rally #Bitcoin can muster, how will it ever hit 50K, let alone 1 million?
— Peter Schiff (@PeterSchiff) January 6, 2020
Although some choppy resistance is expected at the $8,100 to $8,200 level, the next major resistance level has been identified at $8,800. Analysts have also highlighted a weekly close above $8,000 for a
By cryptocurrency’s volatile standards, the rest of the major coins have only seen modest movements. Ripple has lost some ground after a very strong day yesterday. 24 hours ago, Ripple reached a high of $0.223 having started the day at $0.195, representing a 14% increase in its prices. However, the token has seen some correction today, falling from $0.222 to currently trade at $0.216. At one point, the token was changing hands at $0.21.
Bitcoin (BTC) is up 6.35% and is the best performing of the top 10 coins. Following some steadying of its value, it is now trading at $8,105.18. Ethereum (ETH) prices have increased 0.93% and are now $143.94. Ripple (XRP) is down 2.48% and trading at $0.215 while Bitcoin Cash (BCH) and Litecoin (LTC) have seen their prices increase by 1.62% and 2.29% with the coins costing $242.72 and $46.44 respectively.
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