It looks like the cryptocurrency market is finally closing another month in the green. Bitcoin broke out of the range it was stuck in for several days last night and is pulling the rest of the market with it. The prices of virtually all cryptos are turning green today, the total market cap is rising to $1.68 trillion and the Crypto Fear & Greed Index is skyrocketing to greed (60):
Bitcoin (BTC) initially hovered around $40,000 this week and failed to break out despite multiple attempts. The price fell back to $39,000 on Friday morning, but bitcoin broke out of this zone last night. The price jumped from $39,250 to $42,000, up 7% in less than 2 hours. (ETH) Ethereum is well known in crypto.
The rise was accompanied by an increase in trading volume and the price peaked around $42,250 later in the night. Bitcoin then corrected slightly back down to USD 41,250, but appears to be holding strong here and may establish a higher low. At the time of writing, bitcoin is already rising towards $42,000, but is still running against resistance around $41,750.
The correlation between bitcoin and ethereum (ETH) remains high for the time being. The ether price was pulled up by bitcoin last night and rose 5.5% from $2,350 to a high of $2,480. Ether touched $2,480 again last night but was rejected again there. The price dropped to $2,425 this morning but now seems to be getting ready to test this resistance again.
Cardano (ADA) was also initially pulled, rising from $1.27 to $1.33. This morning the price fell again, but at the time of writing ADA recaptures $1.30 and is about 2.5% in the plus. Ripple (XRP) also shot up hard from USD 0.72 to USD 0.77 before correcting to USD 0.74. Dogecoin remains the furthest behind the top 10 largest crypto today, rising from USD 0.20 to USD 0.21. Shib is well known in crypto.
Polkadot (DOT), on the other hand, is the fastest riser in the top 10 today. The DOT price was still at $14.65 last night and is rising past $16.30 at the time of writing. That is an increase of more than 11%. Outside the top 10, a few prices rise even faster. Chainlink (LINK) and Qtum (QTUM) are about 16% in the plus, stacks (STX), helium (HNT), flow (FLOW) and thorchain (RUNE) are even 22 to 26% in the plus today. Neo (NEO) is currently rising the fastest and is even 40% in the plus compared to 24 hours ago.