Digital currencies continued their stellar run Tuesday, with all major coins in the green and on track to extend their winning start to the week.
The No.1 digital currency added 4% Tuesday, breaking through $9,000 to an intraday high of $9,337.66. A single bitcoin
was last worth $9,296.92.
The acceleration in digital currency prices has seen the market cap for all cryptocurrencies increase by $100 billion in the last week, reaching $425 billion Tuesday.
Read: Bitcoin boosted by IMF chief Christine Lagarde’s praise
Bitcoin breaks key levels
The surge through $9,000 took bitcoin above the mid-March highs—a critical resistance level for technical onlookers. Furthermore, the move took bitcoin above its 100-day moving average for the first time since Jan. 29.
“We have definitely seen a trend reversal, weekly momentum has bottomed and from here pull backs will be bought,” said Rob Sluymer, technical strategist at Fundstrat.
Sluymer added that the next resistance band is the $9,677 retracement level and the 200-day moving average, which is currently around $9,800.
Read: If this chart is correct, it puts the price of bitcoin at $91,000 by 2020
What are altcoins and futures doing?
Altcoins continue to outperform, led by Bitcoin Cash. The fourth biggest cryptocurrency has added a further 4.8% Tuesday, reaching an intraday high of $1,560.94 and has risen more than 100% in the last week.
Ether is the best performer of the major coins Tuesday, gaining 7.1% to $688.61, Litecoin is up 5.8% to $160.97 and Ripple’s XRP is up 4.4% to 91 cents.
Futures have followed the spot market higher. The Cboe’s May contract
is up 4.8% to $9,310 and the CME Group Inc. April contract
has added 5.3%, last trading at $8,310.
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