Bitcoin is jumping — but the entire crypto market is still ‘trading sideways’
Bitcoin is rallying on Monday morning but is still largely unchanged from where it was on Friday.
Bitcoin is up 8% to $8,732.34 at 8.15 a.m. GMT (3.15 a.m. ET) amid a wider bounce for cryptocurrencies. Here’s how the other major cryptos are looking at the same time:
- Ethereum is up 6.3% to $862.24.
- Litecoin is up 6.2% to $158.14.
- Bitcoin Cash is up 4.8% to $1,267.96.
- Ripple is up 10% to $1.05, the first time it has been over a dollar in over a fortnight.
Despite the strong performances, they are mostly not that impressive in the context of the weekend. Bitcoin is largely unchanged from where it was on Friday after a choppy weekend.
The London Block Exchange writes in its Monday morning market report: “After a fake breakout above the $8,500 resistance last Friday afternoon, bitcoin finally tested the $9,000 area on Saturday morning, but the attempt was a flop.
“As the mother of cryptoassets flirted with $9,100 and failed to break through, bulls lost trust, and bitcoin started declining until it hit $7,800.
“Taking a step back, since last Wednesday, bitcoin and the majority of alternative cryptoassets have been trading sideways, showing some bullish signs — such as making higher highs and dipping to higher lows — but the market still hasn’t left its rather long downtrend.”