Bitcoin BTC/USD and major cryptocurrencies remained rangebound as the global cryptocurrency market capitalization rose 1.37% to $1.57 trillion on Thursday night.
What Happened: The apex coin traded largely flat, up 0.32% at $40,020.55, over 24 hours at press time. Over the week, BTC is up 24.13%.
Ethereum (ETH) traded 4.56% higher at $2,393.61 and, over a seven-day period, is up 18.42%.
See Also: How To Buy Ethereum (ETH)
Shiba Inu-themed Dogecoin DOGE/USD was up 0.36% at $0.205 over 24 hours. For the week, DOGE has risen 8.2%.
DOGE was up 0.07% against BTC and, against ETH, it fell 3.88% over 24 hours.
Solana SOL/USD was among the top gainers over 24 hours on Thursday. The so-called Ethereum-killer rose 12.91% to $31.18 over 24 hours. For the week, SOL has risen 13.09%.
SOL is up 12.39% and 7.95% against BTC and ETH respectively over 24 hours.
Minor altcoins that were in the green over 24 hours included Quant QNT/USD, THORChain RUNE/USD, and Fantom FTM/USD.
QNT rose 33.22% to $131.11, RUNE spiked 20.94% to $5.62, while FTM was up 10.14% to $0.25 in the period.
Why It Matters: Some analysts are of the view that BTC will move within the $30,000 to $40,000 range in the short term.
“Our sense is that the market will keep looking to trade within this $30K-$40K range in the near term,” said QCP Capital, reported Coindesk.
Amber Group’s head of America Jeffrey Wang said, “Price levels to consider are the $40,000 psychological price level, and $44,000, which is the next resistance level BTC saw when Tesla announced they would accept BTC as payment back in February.”
On ETH’s chart, Benzinga’s Tyler Bundy said Thursday that the $3,000 level has previously held as resistance.
See Also: Bitcoin Active Addresses At Their Lowest Since February Of 2019
Bundy wrote that the low trendline is holding as support and has been building up to the resistance level, while the relative strength index has been moving up, and should that trend continue in line with price, there may be a breakout above resistance.
Meanwhile, PayPal Holdings Inc’s PYPL “super app” digital wallet interface will come with enhanced cryptocurrency functionality. The company’s CEO Dan Schulman told analysts at an earnings call he was “pleased with the momentum we're seeing on crypto.”
Read Next: Is Now A Good Time To Buy Dogecoin?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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