Bitcoin has managed to remain in the green in the past 24 hours currently sitting at a 24 hour gain of 0.29% and a valuation of $3,888.
Bitcoin witnessed a short lived rally yesterday nearly reaching $4,000 before dropping back below $3,900. Bitcoin’s current resistance level near $3,600 has continued to hold strong over the past week, but the seemingly physiological barrier of $4,000 also possess the same amount of strength. Since mid November Bitcoin has experienced a macro bear market with continuous drops to lower resistance levels.
All previous attempts since November to bounce out of these low levels have resulted in a rebound back to a new low. The markets best hope at this time in to maintain the $3,587 resistance level and stay below the $4,000 in attempts to ultimately apply an intrarange strategy. This intrarange strategy will be the market entering a long term resistance avoiding any short term bounces. This will help minimize market risk.
All other altcoins are reporting in a variety of price gain an losses ranging between -4% to 4% on average. The majority of the top ten coins are reporting in the red with the exception of Tether and Tron which is reporting a 3% gain after suffering a drop earlier this week.
The gap between Ripples XRP token and Ethereum’s market cap has begun to shrink back from Ripples momentary over $3 billion lead in December. With the gap between the two now less than $1 billion its possible that XRP will regain its #2 position from ETH in the future. ETH is currently down -0.7% at time of writing and XRP is down -1.26%.
Most other altcoins are following suit with Bitcoins price fluctuations with no big differentials at this time. The fate of Bitcoin decides the fate of the market.