For the past 24 hours the crypto market has remained in consolidation. Most of the altcoins have consolidated and total market capitalization remains at $225 billion!
Bitcoin had peaked at $9250 yesterday , but it had corrected back back to $9,000 , with slight recovers. A support zone forming at $8,900 and a heavy resistance at $9,500 means that BTC could consolidate here for a while.
Ethereum still remains almost static with it still hovering between the $265 and $270 marks. The key support level is at $260, but if it falls below this then ETH may suffer large losses. Since the ststic nature of ETH does not provide a clear outlook to fundamentals, it will be hard to predict what will happen!
XRP could not hold onto the surge it received after the announcement of Ripple’s partnership with MoneyGram and fell over 3% to $0.43. At press time , XRP is still trading at that amount, but slowly gaining back losses.
Most other altcoins are seeing red , and these include Bitcoin Cash, EOS and Stellar!
The exceptions are Litecoin which at press time has an over 4% gain and looking very greeny, along with Binance Coin which also continues to hold strong!
Since this consolidation is there , all predictions now point to Bitcoin gearing up for its next big surge and people are expecting that the king coin will break the resistance of $9,500 soon! Analysts say that if this happens , Bitcoin will have all the possibilty to go up to 5 figures and then some more!