Market update

Cointree Crypto Market Update - January 6th 2021

Market update for traders

The Bitcoin bulls cannot be stopped!

Bitcoin’s jaw-dropping performance this past fortnight has certainly helped us leave 2020 behind and move onwards, and upwards, into 2021.

From our last market update, the newly established resistance of $32,000 AUD was the level to keep your eyes on. Just prior to New Year’s Eve however, the Buyers smashed through this ceiling, leaving $32K to be a thing of the past. Bitcoin continued its tremendous rally over the last week reaching a high of $43,800 AUD just a few days ago.

Since the $43,800 region was touched, price reversed to the downside in what was a sharp but short correction to as low as $36,300. It goes without saying that a cryptocurrency bull market is definitely exciting but can be extremely volatile.

Bitcoin is currently sitting just over the $40,000 level at the time of writing. For the short term, we have local support areas at $38,000 and $36,200 as well as an ascending trend line that has been holding for the last three weeks. The aforementioned $43,800 price acts as Bitcoin’s new all-time high price but only time will tell how long that will last…

The altcoin market has similarly experienced major success in light of Bitcoin’s continued bullish performance. While most cryptos were in the green, the stand-outs for the major cap altcoins were Polkadot (DOT) and Ethereum (ETH); up a remarkable +39.7% and +42.6% respectively for the last seven days.

A few smaller cap alts also took off, most notably: Solana (SOL) gained +49.7%, which was followed by Uniswap (UNI) +45.6%. Dogecoin (DOGE) made headlines once again with a ridiculous +105% weekly yield but was surprisingly succeeded by Loopring (LRC) +164%.

Read our full market update here.

Market update for beginners

The Bitcoin bulls cannot be stopped!

Bitcoin’s jaw-dropping performance this past fortnight has certainly helped us leave 2020 behind and move onwards, and upwards, into 2021.

From our last market update, the newly established ceiling of $32,000 AUD was the level to keep your eyes on. Just prior to New Year’s Eve however, the Buyers smashed through this ceiling, leaving $32K to be a thing of the past. Bitcoin continued its tremendous rally over the last week reaching a high of $43,800 AUD just a few days ago.

Since the $43,800 region was touched, the price made a move to the downside to as low as $36,300. It goes without saying that a cryptocurrency ‘bull market’, a very strong uptrend that historically occurs every few years, is definitely exciting but can be extremely volatile.

Bitcoin is currently sitting just over the $40,000 level at the time of writing. For the short term, we have local support areas at $38,000 and $36,200 as well as a trend line that has been holding for the last three weeks. The aforementioned $43,800 price acts as Bitcoin’s new all-time high price but only time will tell how long that will last…

A few smaller-cap altcoins also took off - most notably: Solana (SOL) gained +49.7%, which was followed by Uniswap (UNI) +45.6%. Dogecoin (DOGE) made headlines once again with a ridiculous +105% weekly yield but was surprisingly succeeded by Loopring (LRC) +164%.