Cryptocurrencies are alive and well.
After a disastrous 2018, Bitcoin (BTC) for example has exploded from a 2019 low of $3,782 to a high of $10787 with sights set on $11,704. That’s after the coin broker well above July 2018 and May 2018 resistance. Now, if it can break above March 2018 resistance, it could be off to the races. In fact, we wouldn’t be shocked to see it challenge $20,000 highs before long.
Not only are we see a sizable wave of FOMO interest, but many believe the unveiling of Facebook’s Libra could bring digital currencies to mainstream users. That, and “Smart money and institutions have certainly begun to come in,” said John Patrick Mullin, a cryptocurrency investor and blockchain consultant, as quoted by The Wall Street Journal.
Institutional interest is building behind the scenes, too.
Not only is Facebook jumping on the bandwagon, JP Morgan Chase is developing JPM Coin. Fidelity Investments developed a custody service to store Bitcoin. eTrade and Robinhood offer cryptocurrency trading to clients, too. And earlier this month, Ripple Inc. agreed to invest up to $50 million in U.S. transfer company, MoneyGram International.
However, it’s not just Bitcoin hitting explosive highs.
On January 2, 2019, LTC traded at just $33.07. It’s now up to $135, and is also overbought at current prices. At current pace, we wouldn’t be shocked to see a potential test of $178.02.
Since the start of the year, the MKR coin has run from $489 to $727 with strong momentum. The coin, which offers a transparent system full inspectable on the ETH blockchain helps to manage the DAI stable coin. Better, Coinbase Pro has added support for the coin, too.
ETH started the year at $140. It’s now up to $307.88 after breaking well above prior resistance at $202 dating back to late 2018. If it can break above double top resistance dating back to September 2018, we could see a potential test of $500, near-term.
Bitcoin Cash (BCH)
BCH started the year at $163. If it can break above prior resistance at $640 dating back to November 2018 we could see a potential test of $800, near-term.
Binance Coin (BNB)
BNB has run from $6.04 in January 2019 to a current high of $37.09. For some background, the Binance Coin is the native coin of Binance, one of the biggest exchange in the world by trading volume. Most likely, it’ll be used to fuel all operations of the Binance exchange and its ecosystem, including paying for trading fees, and exchange fees. It can also be used to invest in certain initial coin offerings (ICOs) that are listed on Binance.