Bitcoin (BTC) Back at $51k, Large Cap Altcoins Lead the Rally

Bitcoin (BTC) Chart and Evaluation

• Bitcoin makes a contemporary two-week excessive.
• Bigger cap altcoins – LUNA, AVAX, MATIC, NEAR – rally laborious.

As inventory markets across the globe start to shut down for the festive vacation, the cryptocurrency stays open and appears set to construct on this week’s spectacular features, particularly in a number of the bigger cap altcoins. Bitcoin is at the moment altering palms across the $51k stage, a excessive not seen since early December, and appears primed to check an space of prior resistance between $51,800, the December 3 hole excessive, and $52,923, the September 7 prior excessive. The 200-day moving average has proved supportive over the past month, and if this stays the case then increased costs are probably going ahead.

Bitcoin (BTC/USD) Day by day Worth Chart – December 24, 2021

Chart through Professional Actual Time

Terra (LUNA), Avalanche (AVAX), Polygon (MATIC), Close to Protocol (NEAR)

Whereas Bitcoin continues to make many of the cryptocurrency market headlines, the altcoin market has rallied laborious this week with a number of the bigger capitalization cash making contemporary all-time highs.

Terra (LUNA) broke above its all-time excessive on Monday, the double prime round $78.4, and has powered increased, touching $100 earlier at the moment. Terra is now the 9th largest cryptocurrency with a market capitalization of $36.7 billion.

Terra (LUNA) Day by day Worth Chart – December 24, 2021

Avalanche (AVAX), a layer-one blockchain and Ethereum rival, has had a stellar few months and now boasts a market cap of $29.7 billion, the tenth largest coin in circulation. Avalanche at the moment trades round $122.5, a 3,600% achieve from this time final yr when AVAX traded round $3.30. A confirmed break above $127.4 would go away the way in which open for Avalanche to re-test the $147.27 excessive.

Avalanche (AVAX) Day by day Worth Chart – December 24, 2021

Polygon (MATIC) is one other altcoin that’s operating increased, with the layer-2 scaler now valued at $18.8 billion, the 14th largest coin by market cap. The each day chart reveals an unbroken collection of upper lows and better highs since late July suggesting additional features forward. Polygon is trying set to make a brand new all-time excessive above $2.74. This time final yr, Polygon was buying and selling at underneath 3 cents.

Polygon (MATIC) Day by day Worth Chart – December 24, 2021

Close to Protocol (NEAR) has jumped in extra of fifty% within the final three days, serving to to push the corporate’s valuation as much as $8.8 billion, the 25th largest alt by market cap. NEAR, one other layer-one blockchain, traded round $1 this time final yr. The December 15 ‘spike excessive’ is the subsequent goal for NEAR, with a near-term assist zone seen between $11.90 and $13.23.

Close to Protocol (NEAR) Day by day Worth Chart – December 24, 2021

All Charts through Buying and selling View.

What’s your view on Bitcoin – bullish or bearish?? You may tell us through the shape on the finish of this piece or you possibly can contact the writer through Twitter @nickcawley1.