Bitcoin Price Surges to a New Monthly High at $11,700 (Tuesday Market Watch)

Bitcoin has continued with its recent impressive performance to a new monthly high of about $11,700. Some altcoins have followed BTC on the way up. Ethereum has increased to $385, while BNB has returned to the 5th spot.

Bitcoin Spikes To A New Monthly High

In the past 24 hours, the primary cryptocurrency seemed to have issues with its price performance. After trading at about $11,400 for a few hours, Bitcoin headed down and bottomed at $11,200 (on Binance).

However, the bulls intercepted the move and initiated an impressive leg up. BTC firstly reclaimed the $11,500 level before heading even further upwards to about $11,720. This is the new highest price tag BTC has seen since early September.

Although Bitcoin couldn’t sustain its run and started losing steam, the asset still trades above $11,500.

From this point forward, BTC has to fight off the resistance lines at $11,600, $11,750, and $11,910 before potentially challenging the psychological $12,000 level.

If the bears take control and drive the price south, Bitcoin could rely on $11,245, $11,150, and $11,000 as support.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

With its latest price increase, Bitcoin resembled the developments on Wall Street once again. The three most prominent US stock indexes closed the Monday trading session in the green. The Dow Jones Industrial Average went up by 0.9%, the S&P 500 by 1.6%, and the Nasdaq Composite outperformed them all with a 2.6% surge.

Ethereum Nears $400, Binance Coin Back To #5

The second-largest cryptocurrency has also performed rather impressively with a 3% jump since yesterday alone. ETH sits at $385 and has the $400 line in its sights.

The most notable gainer in the top 10 is Binance Coin. The native cryptocurrency of the leading digital asset exchange Binance has surged by 8.5% to above $31. As a result, BNB has overtaken Bitcoin Cash (1.4%) for the 5th spot.

The latest increase could be related to the upcoming token sale on Binance Launchpad – Injective Protocol (INJ). As users are required to own certain amounts of BNB in their accounts, they have to purchase the asset, which increases the demand and, consequently, the price.

Chainlink and Cardano have also seen impressive increases – about 6.5%. LINK trades above $11 and ADA sits around $0.113.

Cryptocurrency Market Overview. Source: quantifycrypto
Cryptocurrency Market Overview. Source: quantifycrypto

Ocean Protocol has jumped the most since yesterday – 20%. CyberVein (12%), Synthetix Network (11%), Uniswap (10%), and NXM (9%) follow.

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