Ethereum, Litecoin, EOS, Bitcoin Cash: Altcoins Gearing Up for Another Run Higher
The top-ten cryptocurrencies traded mostly higher on Tuesday, setting the stage for another breakout in the not-too-distant future. Litecoin (LTC) and EOS (EOS) are already mobilizing for a big move to the north, while Ethereum (ETH) and bitcoin cash (BCH) are treading water.
Crypto Market Update
After an uneventful overnight session, most of the major cryptocurrencies are pivoting higher Tuesday morning. Ethereum bounced as much as 2.5% from its intraday low before settling around $135.00. That represents a gain of nearly 1%. ETH is trading within a well-defined demand area. A clean break above $136 could pave the way for a re-test of the $165-$170 region, where the cryptocurrency has faltered twice this year.
Litecoin is eyeing gains of nearly 3% and was last spotted trading around $57.00. Since bottoming at $53.50 earlier in the day, LTC has gained 6.5%. The no. 4 cryptocurrency by market cap continues to trade near five-month highs on the back of a successful Litecoin Core 0.17.1 upgrade. According to Litecoin’s developers, the upgrade “is a new major version release, including new features, various bug fixes, performance improvements and updated translations.”
EOS rose 2.6% to $3.69, having rebounded some 20 cents from its intraday low. The Enterprise Operating System has been mostly steady for going on one week. The bulls must break above $3.91, last week’s swing high, before tackling the upper end of a well-known demand zone ($4.60).
Bitcoin cash traded within a stable range Tuesday, as the price continued to hold below $130.00. If BCH manages to overcome that level, there isn’t much in the way of resistance before $150.
Bitcoin cash risks being overtaken by Binance Coin (BNB). Read the latest: Binance Coin Looks to Flip Bitcoin Cash with Latest Advance.
The cryptocurrency market as a whole appears to have found a solid base near $130 billion. That level has held up to scrutiny for going on three weeks now, with the high end of the market-cap seen around $144 billion. That rally was short-lived, however, and invited a fresh wave of profit-taking last month.
At last check, the total market capitalization of all cryptocurrencies was $134.2 billion, according to CoinMarketCap.
Harvard Professor Admits He’s Wrong About Crypto
One of crypto’s most ardent critics has admitted he was wrong about the asset class in general and bitcoin in particular, reflecting a growing shift in sentiment that extends from Wall Street to Main Street and all the way up to academia.
According to the Australian inancial Review, Harvard economist Niall Ferguson has said he was “very wrong” about cryptocurrencies, adding that the major assets remain “very far” from zero. This is contrary to his previous claim that blockchain-powered platforms were a complete delusion.
Ferguson joins a growing list of experts and tech gurus to express their optimism for bitcoin and cryptocurrencies. Twitter’s Jack Dorsey has emerged as one of the most vocal supporters of bitcoin, while Tesla’s Elon Musk has also praised the digital currency. Apple co-founder Steve Wozniak recently told a Bloomberg-hosted conference that bitcoin has seen a “massive value creation.”
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.