Huge gains for altcoins started as Ripple soared over 30%. Bitcoin rose to $ 24,000. After yesterday’s massacre, the cryptocurrency market started its bailout session.
Bitcoin is approaching $ 24,000 while it is currently trading below its all-time high of $ 500. Most altcoins jumped sharply with impressive double digit increases.
Bitcoin approaching $ 24,000
The leading cryptocurrency has made several significant price movements over the past few days, resulting in an all-time high followed by a $ 2,000 drop.
As CryptoPotato reported, this price action repeated itself on a smaller scale yesterday. However, after a drop to $ 22,700, the bulls took over again and pushed the cryptocurrency above $ 23,000.
BTC has continued to lift its feet in the past 24 hours, approaching $ 24,000.
From a technical point of view, $ 24,000 is the first major resistance line in BTC’s rise. If this level is successfully crossed, the asset’s next resistance will be around the current ATH level of $ 24,350.
Alternatively, the most important support levels located at $ 22,700 and $ 22,500.
Latest situation in altcoins
Following the US SEC’s Ripple lawsuit, altcoins plummeted significantly as $ 40 billion evaporated from their entire market cap in one day. However, the cryptocurrency market is significantly more optimistic as most altcoins hit bottom.
Ethereum has gained nearly 6% in value and has seen a rise to the $ 620 level as of now. Bitcoin Cash is back above $ 300, up 10%. Binance Coin (5%), Polkadot (6%) and Litecoin (6%) are also green.
Chainlink (9.5%) and Cardano (11%) also gained significant value and traded north of $ 11 and $ 0.15 respectively. But Ripple surpassed them all.
The value of XRP declined for several days after the SEC filed formal charges against the payment processor for executing an unregistered security offer of $ 1.3 billion. XRP dropped almost to $ 0.20 yesterday, but has seen an increase of over 60% since then and is currently trading at $ 0.35.