This week, a significant catalyst propelled growth in the cryptocurrency market. On January 11, the SEC approved 11 spot Bitcoin ETFs after years of refusals. This favorable development had a positive impact on the primary cryptocurrency, with the overall crypto market capitalization surging to $1.77 trillion.
Over seven days, Bitcoin and Ripple experienced approximately 5% growth, Ethereum witnessed an increase of more than 18%, and Litecoin grew by over 15%.
Bitcoin
Following the ETF approval, Bitcoin reached $49,000 per coin during this week but struggled to sustain these levels.
Currently, the main cryptocurrency is consolidating within the range between 44,488 and 47,147. A potential scenario is either a descent to the psychological level of $40,000 or an ascent, opening the path for BTC/USD to reach the resistance at 49,264.
Ripple
Ripple has been trading in a downward trend since October, with XRP/USD quotes currently consolidating around 0.5865. If this support fails to hold, it might lead to a southward movement towards the 0.5089 horizontal level. An alternative scenario could result in an uptrend towards the level of 0.6729.
Ethereum
Amid its growth this week, Ethereum broke out the level of 2456.85 and continued its upward momentum. The immediate growth target for the second-largest cryptocurrency now remains the resistance at 2780.86.
Litecoin
Litecoin is approaching its November and December highs, with LTC/USD currently trading at the upper portion of the range between 57.91 and 81.76. Having enough room to move toward its resistance. However, to be able to reach the level of 81.76, LTC/USD has to consolidate above $78 per coin.
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