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What a week for the Bitcoin bulls…
Bitcoin rallied by 10.66% on Saturday. Following on from a 2.82% gain from Friday, Bitcoin ended the day at $7,125.1.
For the current week, Monday through Saturday, a 17.9% rally has taken Bitcoin to levels not seen since early September of last year.
Bullish throughout the day on Saturday, Bitcoin rallied from an intraday low $6,438.7 to a late intraday high $7,279.0.
Steering well clear of the major support levels, Bitcoin broke through the major resistance levels on the day.
In spite of a late pullback, Bitcoin managed to avoid falling to sub-$7,000 levels and hold above the third major resistance level at $7,011.03.
The Rest of the Pack,
Across the rest of the top 10 cryptos, it’s been another mixed week.
Leading the majors through to Saturday was Bitcoin Cash ABC. A 24.5% rally on Saturday gave Bitcoin Cash ABC a 22.4% gain for the current week.
Alongside Bitcoin and Bitcoin Cash ABC were Litecoin and Ethereum, with current week gains of 18% and 19.4% respectively.
Bucking the trend was Binance Coin, which tumbled by 12.9% through to the end of Saturday. Binance’s Launchpad platform was expected to compete with Ethereum for the ICO market.
The gains in Ethereum have ultimately come at the expense of Binance Coin and we are likely to see the trend continue.
Another coin that has lagged the broader market is Ripple’s XRP. In spite of team success in terms of adoption, there has been a lack of interest throughout much of the year. Ripple’s XRP continues to struggle at $0.33 levels to leave the extended bearish trend firmly intact.
By market cap, Ethereum has put some significant distance between itself and number 3 ranked XRP. The question will be whether Bitcoin Cash ABC can knock Ripple’s XRP off its perch. There’s some way to go, but if the current trends persist, then it will only be a matter of time…
At the other end of the table, in spite of the Binance Coin reversal, BNB remains at number 7 by market cap. The once market favorite Stellar’s Lumen is now on the cusp of falling out of the top 10. Tron’s TRX could move back into the top 10 if Stellar’s Lumen continues to struggle.
On the news wires, the latest Bitcoin hack appears to have had very little influence, as the bulls take another bite.
The Bitcoin gains have been attributed to next year’s halving event and a number of industry events kicking off next week.
As for Bitcoin dominance, it’s now up at 58.7% with the total crypto market cap up to $215.47bn. 24-hour trading volumes have also surged, now up at $97.61bn…