The world’s No. 1 cryptocurrency has woken up a bit, and its chief rival continued to surge over the weekend. Meanwhile, altcoin season is still alive and well, and the digital assets market is exploding.
• Bitcoin (BTC, Tech/Adoption Grade “A-”) has finally broken back above $60,000 almost a month after it topped that level for the first time.
• Ethereum (ETH, Tech/Adoption Grade “A-”) tapped on $2,200 multiple times this weekend but was unable to break through.
• Binance Coin (BNB, Tech/Adoption Grade “C-”) has gone parabolic, doubling in just the last two weeks alone.
Bitcoin broke above $60,000 — an important resistance level and the last hurdle before the No. 1 crypto assaults new highs — multiple times over the weekend. BTC is currently trading above its 21-day moving average, which is somewhere in the $57,000 range.
Crypto’s blue-chips performed well over the weekend, and Bitcoin and Ethereum both continue to trade above critical levels in their respective price charts. At the same time, altcoins are still enjoying what’s been an electric start to altseason.
We’d like to see Bitcoin hold above that level and establish consistent closes above $60,000 this week. If the King of Crypto is able to set a new base at $60,000, it would be able to make another push to new highs.
Satoshi Nakamoto’s creation has been receiving a lot of mainstream media attention lately, and it seems like only a matter of time before a new wave of money enters the space and pushes Bitcoin’s price to new highs yet again.
Here’s BTC in U.S. dollar terms via Coinbase:
Ethereum has now recorded four straight closes above $2,000 and seems to have established itself above that level. It has struggled a bit to break through $2,200, as that now stands as the next important resistance level.
ETH is moving slowly but with authority at these levels. Though its recent surge hasn’t matched the meteoric moves we’ve seen in other altcoins, Ethereum’s action seems much more sustainable.
The critical levels to watch this week are $2,000 and $2,200. We want to see ETH hold $2,000 for confirmation this bull still has legs. If it breaks above $2,200, this move could accelerate.
Here’s ETH in U.S. dollar terms via Coinbase:
It’s official: Binance Coin has gone absolutely parabolic. BNB has almost doubled since April 1. The chart looks almost silly, as it’s seemingly only gone up and up with no pause since the turn of the new year.
Binance continues to add to its network of offerings. In addition to the Binance Smart Chain (BSC), CZ is now offering tokenized stocks.
A lot of this price appreciation is due to much lower trading fees on the Binance Smart Chain than on Ethereum’s network. This has shifted a lot of attention to Binance and its subsidiary offerings compatible with BSC. And BNB has reaped the rewards.
BNB is currently in price-discovery mode, and it’s hard to figure a limit on how high it could go from here.
Here’s BNB in U.S. dollar terms via Binance:
Notable News, Notes and Tweets
• Let’s kick things off with a little Monday morning optimism from Pomp.
• Money shifting off exchanges is always a bullish sign for things to come.
• The Wall Street Journal explains the massive consequences of a potential Bitcoin ETF.
What’s Next
Crypto’s blue-chips performed well over the weekend, and Bitcoin and Ethereum both continue to trade above critical levels in their respective price charts. At the same time, altcoins are still enjoying what’s been an electric start to “altseason.”
It’s hard to overstate how healthy it is that both Bitcoin and Ethereum are running this well while the altcoin market is taking off. It’ll be interesting to see whether money continues to flow into both the blue-chips and smaller altcoins.
Both Bitcoin and Ethereum look poised for big jumps from here. The fundamentals are there, and news of mainstream adoption seems to pour in daily now.
The question to be answered is what will spark the next explosive stage of this long-term rally?
Best,
Alex
