The Bitcoin Bull-Week continued on Tuesday.
Bitcoin gained 2.33% on Tuesday, following on from an 11.32% rally on Monday to end the day at $7.951.9.
Following last week’s 15.6% gain, Bitcoin is already up 13.9%, Monday through Tuesday.
On the day, a bullish morning saw Bitcoin rally to a late morning intraday high and new swing hi $8194.1.
In spite of the new swing hi, Bitcoin came up short of $8,200 levels and the first major resistance level at $8,235.0.
Easing back through the afternoon, Bitcoin fell to a late intraday low $7,651.0 before bouncing back.
Steering well clear of the first major support level at $7,093.2, Bitcoin recovered to $8,000 levels before easing back at the day end.
The recent bull run has now delivered a 42% gain for the current month, which came off the back of a 34.4% gain in April. All in all, that’s a 107.5% gain year-to-date. Not bad for a burst bubble…
The Rest of the Pack,
Across the rest of the top 10 cryptos, it was green across the board.
Leading the way on the day was Ripple’s XRP. Following some particularly lackluster days, Ripple’s XRP joined the crypto party on Tuesday. Surging by 25.6%, Ripple’s XRP managed to end the day at $0.40 levels for the first time since December 2018.
Not too far behind were Cardano’s ADA and Stellar’s Lumen, which ended the day up 16.7% and 14.9% respectively.
The pair had been under pressure of late. With the likes of Litecoin and Bitcoin Cash ABC having already made solid gains, investors were in search of market laggards and didn’t have to look far…
Trailing the pack on the day was Binance Coin, which eked out a 1.02% gain.
The upward momentum through April and early May have certainly drawn in sidelined investors.
24-hour trading volumes are now sitting at $107bn levels, supporting a jump in the total crypto market cap to $244bn.
A month ago, trading volumes were at $36.5bn, with the total crypto market cap sitting at $176bn.
At the time of writing, while Bitcoin was up by just 0.18% to $7,965.9. An early move through to a morning high $8,093.6 saw Bitcoin face strong resistance at $8,200 levels before pulling back.
Elsewhere, there some strong gains early on in the day for a number of the top 10 cryptos…
Leading the back was Ripple’s XRP, which was up by 9.45% to $0.44372. Stellar’s Lumen and Cardano’s ADA were also on the move. The pair were up by 4.38% and by 4.05% respectively.
Trailing the majors were Binance Coin, which was down by 0.46% and Bitcoin Cash ABC, down by 0.23% at the time of writing.
For the Day Ahead,
With the Bitcoin bulls now eyeing $8,500 levels, a breakthrough to $8,200 would provide further support to the broader market.
Bitcoin Cash ABC would likely bounce back from early losses, while the focus will remain on the early trailblazers.
For Ripple’s XRP, a run at $0.50 levels would certainly create a frenzy across the smaller cryptos on the day…
This article was originally posted on FX Empire
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