Weekends are usually lethargic on crypto markets, but this one has been witness to another rally that has taken them to a two-week high.
Since the start of the weekend, around US$7 billion [AU$10.9 billion] has reentered the crypto space, according to CoinMarketCap.
The fresh buying pressure has taken total market capitalization back to $210 billion, which is a two-week high. Since the massive slump in mid-March, markets have been grinding slowly higher to reach current levels.
Ethereum is currently in the driving seat as it surged another 8% over the past 24 hours to top out at $187, its highest price for over a month.
The next major resistance level from here is $200, but this could come quite quickly if the current ETH momentum continues.
Bitcoin has also made gains and is approaching its own resistance level as it touches $7,300. A break above $7,400 could see things move faster in that direction.
Analysts are still not fully confident, though, as the downtrend on the longer time frame appears stronger.
I’d bet we hit $6666 in under 72 hours.
Even in bullish scenarios $6800 looks fair game.
— Crypto King (@JBTheCryptoKing) April 19, 2020
Other big movers today include Tezos, which has ripped 10% to reach $2.35, and Chainlink, which has been on fire in recent weeks, chasing down that top ten spot.
Featured image courtesy of WorldSpectrum/Pixabay