Bitcoin is showing strong signs of consolidation above US$20,000 as the week progresses.
Another half a percent was added this morning, bringing bitcoin slightly higher to US$20,600.
Ethereum likewise added half a percent, and is changing hands for US$1,590 at the time of writing.
With both coins settling into high price points, there is evidence that the bulls are attempting to refresh support at higher levels.
Can BTC consolidate above US$20,000 for good? – Source: currency.com
Dogecoin (DOGE) hasn’t finished its Musk rally yet, having soared another 26% in the past day.
Now with a market cap of US$19.4bn, the world’s premier meme coin is even starting to test Ripple (XRP)’s status as the seventh-largest digital currency.
Speculators should be aware that a dramatic reversal could happen at any second.
Meme coin competitor Shiba Inu is similarly trending upwards with an 8.5% gain to its now US$7.2bn market cap.
Binance’s BNB coin fares well this Tuesday, having gained 5.5%, while Cardano (ADA) also opened in the green.
Other large-cap altcoins including Solana (SOL), Polygon (MATIC) and Polkadot (DOT) saw moderate losses.
The US$1.3bn cloud blockchain protocol Chain (XCN) was also one of the day’s best performers, having soared 25%.
Decentralised exchange Uniswap and derivatives exchange Synthetix are the top movers in the decentralised finance (DeFi) space having both added over 5%, while Maker (MKR) and Lido (LDO) are slightly down.
Total value locked across all DeFi protocols is currently US$55.04bn.
Total crypto market capitalisation globally is currently US$10.02tn.