Bitcoin Tests $40K: Ripple Price Spikes 15% (Market Watch)

Bitcoin Tests $40K: Ripple Price Spikes 15% (Market Watch)

And just like that, the entire market is swimming in a sea of green today. Bitcoin pushed past $40,000 earlier, while a lot of other cryptocurrencies, such as Ripple’s XRP, popped off.

Bitcoin Pushing $40K

The past 24 hours have been splendid for Bitcoin as its price managed to push all the way up from about $37,600 to an intraday high of $40,393 (on Bitstamp).

Bitcoin’s dominance – the index that measures its share relative to that of the entire market, is also up more than 0.5% in the past 24 hours, indicating that altcoins have failed to capitalize on the move better than BTC.

In any case, the cryptocurrency has now withdrawn to about $39,500, and it’s interesting to see if it will be able to make a decisive push over the important technical and psychological resistance of $40K.

BTC/USD. Source: TradingView

As we’ve reported on multiple occasions, the primary cryptocurrency has been trading within a range between $30K and $40-42K since the big liquidation event that took place on May 19th. So far, despite the latest gainst, it has been entirely unable to escape from this range, but for the first time since the middle of June, the upper boundary is being tested. In fact, it’s its second attempt in the past few days.

All Green Everywhere

BTC is up about 6% on the day, and that’s more compared to a lot of the altcoins out there. While the entire market is in the green, not everyone enjoys gains of the kind, with certain exceptions, of course.

Ethereum is up 3.4%, ADA – 2.69%, DOGE – 3.15%, Uniswap’s UNI – 2.8%, and so forth, as seen on the below heatmap.

Cryptocurrency Market Heatmap. Source: Quantify Crypto

There’s an obvious exception to the above, and today it’s Ripple’s XRP. It’s up over 13% on the day, having corrected a bit from its daily peak. The cryptocurrency pushed past the important resistance level at $0.7 and is currently trading at around $0.712.

editorial staff

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