Gold Hits Record $2,000 as Bitcoin Consolidates — Crypto Market Daily

Gold Hits Record $2,000 as Bitcoin Consolidates — Crypto Market Daily

The price of Bitcoin ( BTC) has stabilized after briefly testing the $11,000 support level yesterday — with an oscillating range of $11,000 to $11,400. The total cryptocurrency market capitalization did not change much and remained at $352 billion, as per data from CoinGecko.

The Medalla testnet of Ethereum 2.0 went live yesterday and has attracted over 20,000 validators to the network, with 650,000 Ether ( ETH) staked. Meanwhile, the price momentum of ETH has slowed down after reaching a yearly high over the weekend. At the time of writing, ETH is trading near the middle of the four-hour Bollinger Bands near $390 with a neutral RSI.

A rumor pertaining to Bitcoin Cash ( BCH) emerged today, with claims that the founders of CoinEx and ViaBTC will initiate another fork of BCH — which will be called BCC. On WeChat, some cryptocurrency communities started discussing the purchasing of BCH based on the price movement of the previous BTC forks. However, the price of BCH dropped 2.04% over the last 24 hours.

Chainlink ( LINK) hit as high as $9.96 yesterday — just one step away from $10, but it has now retreated to the $9.50 level. There is an obvious RSI divergence on the daily chart with overbought RSI levels.

In the decentralized finance sector, we have seen another boom over the last 24 hours. Akropolis (AKRO) and THORChain (RUNE) surged by roughly 30%. Kyber Network ( KNC) and Bancor (BNT), meanwhile, realized gains of about 10%.

In the traditional markets, gold futures prices surged late Tuesday — closing above the $2,000 mark for the highest-ever close in history. Lower United States government bond yields and a weaker dollar have pushed precious metals prices up.

U.S. stocks were mixed on Tuesday, with the Nasdaq Composite Index down a slight 0.10% and the S&P 500 Index up a mere 2.16 points, or 0.07%.

Top gainers and losers

Small-capitalization altcoins were not as strong as yesterday. The biggest gainer was ChatCoin ( CHAT), which is up 20.79%. Populous ( PPT) also surged 11.89% over the last 24 hours.

The volatile apM Coin ( APM) dumped again — dropping 8.73% after gaining 17.18% yesterday.

BTC technical analysis

On Sunday, BTC was supported by the four-hour MA60 and the 0.5 Fibonacci retracement level. The midterm bullish pattern is still intact. The 0.236 Fib level around $11,400 is a short-term resistance area. Support may be found at the 0.382 Fib level, near $11,000.

BTC is currently in a consolidation phase after a big drop. It may be difficult to see a particularly big price move in the short term.

Visit https://www.okex.com/ for the full report.

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