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Bitcoin,  Markets Report

Markets Report: Bitcoin Tops $19,000 as Altcoins Return to Traders’ Radar

Major gains for Stellar and XRP buoy and resurging crypto market as Bitcoin comes within 3% of all-time highs

Bitcoin abruptly hit $19,000 on November 24 as lower levels from Monday gave way to fresh gains.

Data from price trackers including Bitcointicker and TradingView showed BTC/USD ascending through the $18,000 range to add $500 in an hour during Tuesday trading.

The move is significant, marking Bitcoin’s highest price since December 18, 2017 — the height of its record-breaking bull run to $20,000. It follows a day of mixed performance, with $18,000 holding as support. 

At press time, BTC/USD had put in highs of $19,200 on popular exchange Bitstamp before lingering around $100 lower.

Bitcoin sees “serious buying volume”

Reacting to the latest major price hurdle, proponents shifted attention away from short-term gains, arguing that the “real” phase of the current bull cycle had not even started yet. 

For Bobby Lee, ex-CEO of cryptocurrency exchange BTCC and founder of cryptocurrency storage solution Ballet, beating the $20,000 all-time high would prove to be the watershed. That moment was just 3% away on Tuesday.

“It took quite a bit (of time and money) to break the $19k barrier. I didn’t expect it to happen until December or January 2021. Looks like there is some serious buying volume for #Bitcoin!” he tweeted. 

“Once we get past $20k, then we start the bull market!”

The moment BTC/USD hit $19,000 after 3 years. Source: TradingView

As Modern Consensus reported, that perspective is shared by analyst PlanB, who gave a rough estimate of January 2021 as the start of more intense upside for Bitcoin.

Others noted that the selling pressure which had accumulated just below $19,000 in the event proved no match for the bulls, with Bitcoin overcoming resistance in a matter of minutes after climbing from lows of $18,540.

Altcoins return from the abyss

Amid Bitcoin’s success, altcoins also continued their newfound bullishness on the day, led by Stellar (XLM) and Ripple’s token, XRP. 

XRP/USD saw dramatic upside on Monday, hitting $0.92 before diving 30% when major exchange Coinbase began suffering outages. XLM, which traditionally follows XRP in bull markets, put in 24-hour gains of nearly 50%, taking it above $0.16.

“From here on, at least in a bull market, the pushes from altcoins will only be higher and higher and higher,” trader Michaël van de Poppe summarized to Twitter followers on Tuesday. 

“Buy higher timeframe (support/ resistance) flips, hold until you start to feel emotions, and sell.”

The overall cryptocurrency market cap stood at $567 billion at press time, its highest since mid-January 2018 when altcoins saw their all-time highs. Versus that point, even the biggest risers remained far from their peaks, notably contrasting with Bitcoin. 

Looking forward, analyst Alex Krueger highlighted the changing regulatory scene as a major factor which could shape the longevity of an altcoin renaissance.

“I expect bitcoin-alts correlations to break sharply again in the months around a bitcoin ETF launch, whenever that may be (thinking 1-2 years),” he explained at the start of the week. 

“Time will offer clarity. The composition of the SEC commision and upcoming Biden appointment are crucial.”

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Anthony Bevan is a journalist focusing on disruptive finance and cryptocurrency, along with the changing face of the market as Bitcoin gains mainstream adoption. Journalists covering cryptocurrency for Modern Consensus May hold positions in some of the currencies they write about.