Bitcoin has been consolidating around the $10,000 mark, briefly breaking it and running to a daily high of $10,300. However the action above $10,000 was short lived and the price currently sits just below $10,000. Volumes are at weekly highs and it is looking bullish for Bitcoin in the short term if it can close above the $10,000 level. The MVIS CryptoCompare top 100 index has risen 5.06% in the last 24 hours to 5,277.18.
Half of the top 10 coins by 24 hour volume have posted gains, ranging from 0.3 to 12.3%, in the last 24 hours, with Vechain showing the biggest gain of 12.26%. The other half of the top 10 coins showed a loss, with LTC having the biggest loss of 5.7%.
Bitcoin Cash continued its upward trend and posted a gain of 10.75% in the last 24 hours and is currently sitting at $1,479. ETC showed a loss 0.76% at $32.7. While Tronix rose 3.65% to $0.0476, Both EOS and NEO had a negative change in the last 24 hours, and are currently sitting at $9.5 (-1.5%) and $119 (-0.15%) respectively.
Overall, the market seems to remain optimistic, as Bitcoin remains above $9,800 and other cryptocurrencies have not recorded large losses after a strong performance over the past two days.
Tom Lee, a Wall Street strategist at Fundstrat known for his mid and long-term Bitcoin analysis, said that Bitcoin will likely achieve new all-time highs by July of this year. Lee noted that Bitcoin will begin to show resilience and start to build some momentum throughout the mid-term, and that in "bull" periods, Bitcoin takes about 1.7 times the duration of its decline to recover.
At the time of writing, the Bitcoin price is sitting at $9,853 representing a gain of 1.8% in the last 24 hours. More than $1.5B worth of BTC were exchanged in the BTC/USD market representing a 24.4% share of global daily volume. The BTC/JPY pair represents a 53% share.
The Ethereum price has risen 0.3% over the past 24 hours and is currently sitting at $921, with over $370M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 27% market share of the global daily trading volume.
After recording a massive increase in value, with an approximately 30% surge in the last few days, mainly linked to the announcement of Litepay, the price of Litecoin has declined slightly in the last 24 hours.
The Litecoin price has dropped 5.7% over the past 24 hours and is currently sitting at $212, with over $300M worth of LTC exchanged in the past 24 hours on the LTC/USD pair which has a 31% market share of the global daily trading volume.
The Ripple price has dropped 0.9% over the past 24 hours and is currently sitting at $1.08, with over $130M worth of XRP exchanged in the past 24 hours on the XRP/USD pair which has a 23.8% market share of the global daily trading volume.