Crypto markets back in the green with $8 billion pump

Crypto markets back in the green with $8 billion pump

Following a couple of bearish days, crypto-asset markets are back in the green as US$8 billion [AU$12.6 billion] returns to the scene. The move has taken the total market capitalization back over $200 billion again.

The crypto market capitalization hit an intraday high of $207 billion a few hours ago as Bitcoin and its brethren bounced back after a few days of decline.

The move has prolonged the range-bound trading pattern that digital assets have been stuck in for the past month or so.

Crypto markets back in the green with $8 billion pump

Bitcoin has broken the $7,000 barrier again and topped out at just below $7,200 a few hours ago, according to TradingView.

The next level of resistance lies at $7,400 and this has been a tough one to break. Analysts are still leaning towards the bearish side with further declines predicted.

BTC is currently trading at the 50-day moving average which is proving to be a strong resistance level.

Other crypto assets such as Ethereum are having a much better day, with ETH gaining over five percent to top $180.

It too has been halted by resistance, however, and further gains will not be forthcoming without a solid break above current levels.

Today’s top mover is Stellar, as the foundation adds two new key members to its board of directors. XLM has cranked over 10% in the past 24 hours, taking prices to $0.057.

Tezos and Cardano are also performing well at the moment, with five to six percent gains as altcoins lead markets back up again.

Featured image courtesy of  WorldSpectrum /Pixabay

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