The crypto market has had a reasonably positive 24 hours of trade and small gains are being seen across the board this morning.
This has led to the entire value of the market rising 0.3% since this time yesterday to US$203.4 billion according to Coin Market Cap.
Surprisingly, though, one coin that failed to climb higher was Bitcoin. The crypto giant failed to follow the rest of the market higher on its tenth birthday and ended up acting as a slight drag on proceedings.
Where next for Bitcoin?
Bitcoin and the rest of the market have been very calm of late, but this may not be the case for much longer according to Forbes.
Based on technical analysis, Bitcoin is approaching a key support level and could soon make a big move in either direction.
The report states: “Bitcoin’s descending triangle has been forming since February/March of this year. $6,000 is the key support level to watch. Descending triangles are bearish patterns, so there is a higher probability of a breakdown from here, but it is important to be open to the idea of an upside breakout as well. Also, beware of the risk of a head-fake move in which Bitcoin initially breaks out in one direction, only to head in the opposite direction while making a more sustained move.”
I think this is certainly something to watch over the coming weeks. But for now, here is the state of play on the market this morning compared to 24 hours ago:
The Bitcoin (BTC) price is down 0.1% to US$6,322.10 per coin, reducing the crypto giant’s market capitalisation to US$109.7 billion.
The Ethereum (ETH) price has risen 0.4% higher to US$197.52. This leaves Ethereum with a market capitalisation of US$20.3 billion.
The Ripple (XRP) price has pushed 1.4% higher to 44.88 U.S. cents. This has increased the XRP market capitalisation to US$18 billion.
The Bitcoin Cash (BCH) price is up 1.7% to US$423.63 per token. This gain has increased the Bitcoin Cash market capitalisation to US$7.4 billion.
The EOS (EOS) price is up 1.8% to US$5.21 per token, giving EOS an improved market capitalisation of US$4.7 billion.
Outside the top five things were similarly positive. Although Stellar (XLM) fell 0.5% and Tether (USDT) dropped 0.8%, Litecoin (LTC) rose 1.3%, Cardano (ADA) rose 0.4%, and Monero (XMR) pushed 2.1% higher.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.