The cryptocurrency market is on the rise, possibly due to the Trump trade. Bitcoin has approached its historical peak ahead of the upcoming US presidential election.
Consequently, the market capitalization jumped from $2.30 trillion to $2.42 trillion within a week. During this period, Bitcoin increased by 7.85%, Litecoin saw a rise of 2.23%, Ripple dropped by 1.66%, and Ethereum gained around 4.00%.
Bitcoin
This week, Bitcoin got close to its historical high of 73,785 but couldn’t quite reach it and has since declined. The leading cryptocurrency still has some ground to cover before hitting the support level of 68,976, where the downward correction may persist.
If the historical high is updated and the price consolidates above 73,785, the next target for BTC/USD growth will be the horizontal level of 77,070.
Ripple
Ripple has returned to the support of the sideways range between 0.5089 and 0.5865. If the 0.5089 level fails to hold and the price consolidates below it, the next target for a decline will be the support level of 0.4336. Alternatively, if the price bounces back up from 0.5089, it could pave the way for the pair to reach the resistance at 0.5865.
Ethereum
An ascending triangle has formed on Ethereum's daily chart. The price of the second-largest cryptocurrency is currently positioned below the figure’s resistance level at 2780.86. If this level is broken out, the upward movement within the triangle could continue toward the resistance at 3293.59.
Litecoin
Litecoin remains consolidated within a tight range between 68.80 and 76.95 between two dotted lines. If it breaks upward in the event of continued market growth, LTC/USD could target the next level at 81.76.
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