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11 April 2021
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ETH Reached Inches Away From $2K While BTC Records Another $60K Rejection (Market Watch)


BTC’s has recovered from its $3,000 price drop and currently stands about $1,000 away from $60,000, while FIlecoin has entered the top ten for the first time.

Following another unsuccessful attempt to breach $60,000, bitcoin dumped by a few thousand dollars in minutes but has recovered most losses relatively quickly. Ethereum has jumped above $1,900, while the top ten see several rotations with Filecoin entering the coveted rankings while THETA leaving.

Bitcoin’s 24H Wild Ride

After regaining its Sunday losses, bitcoin spiked to above $58,000 on March 31st following pro-crypto news from Visa and PayPal. Furthermore, the primary cryptocurrency initiated another impressive leg up that drove it to just shy of $60,000.

However, as it happened with the last several attempts to overcome that particular coveted level, the bears took charge. Instead of breaching above it, they drove the cryptocurrency south violently.

This resulted in a $3,000 value loss in a matter of hours. Consequently, BTC reached a daily low of $56,700.

However, the bulls intercepted the rejection and pushed the price upwards. In the following hours, BTC recovered most losses and currently sits around $59,000.

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According to the technical indicators, this level is bitcoin’s first major resistance on its way up. Should the asset overcome it, the following ones are $60,000, $60,760, and the all-time high of $61,780.

Alternatively, the cryptocurrency can rely on the support lines at $58,355, $57,545, and $56,700 in case another price breakdown arrives.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Above $1,900; FIL in Top Ten

Most of the altcoin market followed their leader with the enhanced volatility yesterday. However, they have also bounced off with Ethereum leading the pack. ETH is up by 4% on a 24-hour scale. As such, the second-largest cryptocurrency overcame another obstacle and is currently above $1,900.

Binance Coin and Cardano have painted minor losses, but BNB is still north of $310, while ADA is just shy of $1,20. Polkadot and Chainlink have gained the most from the top ten by increasing by 9% and 8%, respectively.

As a result, DOT trades at $37, while LINK has neared $30, and, perhaps more importantly, LINK is back in the top ten coins by market cap.

At the same time, THETA has slumped by 9% and has lost its place there. Instead, Filecoin has entered the top ten for the first time after a 40% surge in a day and a 150% increase in a week to $220.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More gains come from lower- and mid-cap altcoins, led by Qtum (22%). This comes only a day after the blockchain-project said that it will match all COVID-19 donations made to Vaccine Forward.

THORChain (19%), NEO (17%), EOS (15%), Ontology (14%), Siacoin (14%), Verge (13%), and Helium (12%) follow.

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