Bitcoin continues to enjoy bullish sentiment as its price surges to a new yearly high. However, investors are wondering how long the dominance will last.
Ethereum, the second-largest cryptocurrency by market cap is also enjoying the momentum as its price continues to trade above the $2,200 mark. However, XRP tells a different story as it already starts to shed some of its earlier gains at the time of writing.
Others like Terra Classic (LUNC) have seen gains of as much as 30% in the last 24 hours and over 100% over the last week. Memecoins like Gorilla have enjoyed an 8% rise in the last 24 hours and a massive 289% surge in the last 7 days. Both coins occupy the first and second position respectively on the list of top trending cryptocurrencies in the market right now.
But will the prices of these coins continue to grow? let’s dive right into it.
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Bitcoin (BTC) price analysis
Bitcoin – the largest cryptocurrency by trade volume, has reached a new yearly high today as its price peaked at $42,000. The flagship cryptocurrency is one of the top gainers today as its price has risen by 5.77% in the last 24 hours.
Looking at the daily chart, the price of the coin has grown past the breakout point of $38,437. Also, at the time of writing, there are no bearish signals as the daily bar is about to close with no long wick.
Source: TradingView
Consequently, for the following week, traders might likely witness a further increase to the resistance level of $42,979. According to live data from Coinstats, BTC is currently selling at $41,868 with a 24-hour trading volume of $59,488,233,560 ($59 billion).
Ethereum (ETH) price analysis
Ethereum on the other hand is a less gainer than Bitcoin. At the time of writing, Ethereum has increased by 2.84% over the last 24 hours. Looking at the chart, the price of Ethereum (ETH) might have found a local peak as its trade volume continues to drop.
Source: TradingView
As a result, if the candle closes below yesterday’s peak, then we might see a correction to the $2,131 support level. Ethereum is currently selling at $2,228 with a 24-hour trading volume of $33,172,125,060 ($33 billion) and a live market cap of $268,041,737,115 ($268 billion).
Ripple (XRP) analysis
Unlike Bitcoin and Ethereum, the price of XRP is declining. According to Coinstats data, the value of the coin has dropped by 0.06% over the last 24 hours.
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Source: TradingView
Looking at the daily chart, XRP has passed the support level of $0.5860. At the time of writing, the price is currently in the middle of the channel, building momentum for further moves.
From this perspective, the most likely course of events for the next few days is sideways trading in the $0.60–$0.64 range. At the time of writing, the price of XRP is $0.62 with a 24-hour trading volume of $1,192,976,374 ($1 billion).
Read more:
- Crypto Price Analysis 12/4: Cardano (ADA) and Solana (SOL)
- Shiba Inu Trading Volume Increases by 352%, What Could be the Reason?
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.