The past 24 hours saw the price of Bitcoin consolidate above $20,000, while fending off an attempt by the bears to bring it back below the coveted level.
At the same time, the altcoin scene is also relatively quiet, with XRP edging toward $0.5 and the best performing of the major altcoins by total market cap.
BTC defends $20,000 and consolidates above
At the time of writing, the price of BTC is trading around $20,200, up 0.6% over the past 24 hours. The most important thing to note is the subsequent daily close above the important $20,000 level.
Also, the bears tried to push the price below, making it all the way to $19,730 (on Binance), but the bulls were determined to defend them and prevented further declines, as evident in the chart below.
It is very important for the cryptocurrency to maintain its price above $20,000 if there is any chance of going higher.
Altcoins Calm, ENS explodes 11
The broader cryptocurrency market was also relatively quiet over the past day. Most altcoins are consolidating, with a few exceptions.
XRP continues to perform very strongly, up 3% in the last 24 hours and pushing for $0.50. This is a major hurdle for the cryptocurrency, and if it succeeds in overcoming it, it could pave the way to higher levels.
At the same time, the Ethereum Name Service (ENS) token soared 11% today. This also makes it one of the best performers, followed by EVMOS. Interestingly, yesterday, EVMOS was the worst performing cryptocurrency. This is also supported by the fact that, despite the 11% increase, it is still down 10% for the week.
In any case, sentiment in the broader cryptocurrency market remains fearful, although it has improved slightly compared to yesterday and last week.
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