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Bitcoin Holds Firm Above $9,200 As Cardano, Link, and Tezos Soar

July 13, 2020 at 14:35 by Matt Jackson

Bitcoin added 2.5% to its price last week and is holding steady above $9,200, bringing an end to four previous weeks of losses. Many altcoins have taken the opportunity to add to their own price, with the likes of Ethereum and Ripple gaining more than 1.5%. Meanwhile, Cardano has forged into the top 6 coins, displacing Bitcoin SV, after adding 7.67% to its price over the past 24 hours. As impressive as Cardano’s fortunes have been, however, ChainLink and Tezos have surpassed the digital currency’s 24-hour performance with gains of 19% and 15% respectively. The recent increases have led many traders to call the beginning of alt season, meaning that altcoins outperform the dollar and Bitcoin, although analysts have warned that this may still be some time off. The last alt season saw the vast majority of coins posting gains of more than 100% almost on a weekly basis.

Since its most recent attempt to breach the $10,000 mark on June 2, Bitcoin has been stuck trading between $9,000 and $9,800. Its volatility has been squeezed even further in the past three weeks, unable to make any serious move above $9,300. During this consolidation period, alt coins have taken the opportunity to make gains of their own. Recent weeks have seen the likes of Cardano, and the newly introduced Compound, coins taking the headlines. Although Bitcoin has finally made a move above $9,300, it is still the smaller coins that are ruling the roost.

Cardano has seems some of the biggest gains in the last 90 days, rising from $0.033 on April 13 to its current price of $0.132. This includes a 7.5% gain in the past 24 hours, which has pushed the digital currency above Bitcoin SV in market capitalization rankings. ADA is now the 6th largest coin including Tether.

Hot on Cardano’s heels is ChainLink. 90 days ago, LINK cost $3.36. Yesterday, its price had increased to $6.66, nearly double. After posting a 19.5% increase in the past 24 hours, it now stands at $7.87 and has forced its way into the top largest coins by capitalization. At one stage, it was pushing new all-time highs.

A little further down the list, currently ranking as the 13th largest coin, is Tezos. It cost $1.91 in April and, following a 14.7% increase in the past 24 hours, it is now changing hands at $3.04. If the proof-of-stake token can add a few more percentage points to its price, it will likely become a top 10 coin in the coming days.

Bitcoin traders are hoping that the move above $9,300 will hold and that resistance will turn to support. This could potentially give the digital asset a leg up to the next level of $9,450. The digital currency previously failed to take this position on July 8 but if it can pass the $9,500 mark, its next major hurdle will be traversing $10,000, which it has previously failed on several attempts. Although it clearly has its work cut out, Bitcoin has a history of making short work of seemingly impossible resistance levels. Conversely, if the asset fails to hold this level, some support is available at $9,200 and then at $9,000. If this level fails, we could be looking at a price of $8,700 as BTC’s next stop.

At 15:15 GMT, Bitcoin (BTC) prices had risen 0.39% to trade at $9,281.80 while Ethereum (ETH) saw its price rise by 1.72% and was trading at $242.99. Ripple (XRP) was up by 1.5% and changing hands at $0.203. Bitcoin Cash (BCH) was trading at $236.36, having added 0.41% to its price over the past 24 hours. Cardano (ADA) was up 7.57% and trading at $0.132.

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