Skip to content

Market Watch: Altcoins Lose Steam As Bitcoin $19K Consolidation Continues

  • 3 min read
  • Latest

Despite briefly dipping beneath $19,000 after another rejection, bitcoin has reclaimed that coveted level and currently trades above it. Most alternative coins have lost some steam since yesterday and have charted minor losses.

Bitcoin Stopped At $19,400

The primary cryptocurrency had a mostly calm weekend following the highly volatile week. Bitcoin displayed stagnation around the $19,000 mark with a few unsuccessful attempts to break above $19,400.

In the past 24 hours, BTC tried to break above this range again but to no avail. The cryptocurrency jumped to an intraday high of $19,400. However, the bears intercepted the move and didn’t allow any further increases.

Just the opposite, in the following hours, bitcoin dropped to its daily low of $18,900. Nevertheless, the asset has recovered most losses and sits near $19,200.

The technical indicators suggest that BTC has to overcome the first resistance at $19,550 before heading towards new highs. The next obstacle would be at $19,920, followed by $20,350.

On the other hand, the support levels at $18,600, $18,270, and $17,810 could assist in case of a price breakdown.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins With Minor Losses

The alternative coins displayed untypical stagnation during the weekend, and most, even the lower-cap ones, stood still. In the past 24 hours, though, most larger-cap altcoins have charter some minor losses.

Ethereum was unable to decisively break above $600 and the rejection has taken the second-largest cryptocurrency to $590. Ripple (-2%), Bitcoin Cash (-2.4%), Binance Coin (-0.7%), Chainlink (-1%), Polkadot (-2.3%), Cardano (-2.3%), and Litecoin (-1.7%) are also in the red.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

NEM is the most significant loser in the past 24 hours after a 12% decline. As a result, XEM struggles with maintaining above $0.21.

Further losses are evident from Stellar (-4.5%), Ren (-4%), Qtum (-4%), Algorand (-4%), and Kusama (-3.6%).

THETA and VeChain have increased the most since yesterday with 9% and 7%, respectively. Huobi Token (5%), OKB (4%), and Filecoin (4%) follow.