Bitcoin Gains a Massive $87 Dollars, Altcoins Follow

FXOpen

It’s been an exciting two days for cryptocurrencies. Since our last update, bitcoin rallied a massive $87 dollars, from $363 to a high of $449.91. Altcoins followed big brother bitcoin higher with Namecoin breaking the $1 parity level and Peercoin going over the $0.90 mark.

Bitcoin Rally Hits $450

The BTC rally continues unabated. On Wednesday prices broke the weak resistance at $380 and few hours later moved up to the next resistance at $400. Both $400 and $408 then quickly gave way to the strong buying pressure and in 30 minutes BTC/USD was quoted at $429 per coin.

nov13-btc

After a small retracement to $403.99, bitcoin’s rally continued in the early Asian session today and hit a new multiday high of $449.91. We are currently trading just below this high at $444.40.

With the trend now shifted to the upside, more gains seem likely. It’s not a coincidence that BTC prices stopped short of $450 however. This level ($446 to be exact) was the high point of the September 23rd post-PayPal rally and is an important resistance for bitcoin. A break higher could catapult BTC/USD toward the $500 round figure. Further up, the August 21st swing high at $530 ($528.92) could provide resistance, followed by $550.

On the downside, the $400-$408 area should provide some support to falling prices. Further down, while the $380 former resistance may provide weak support, the important milestone for BTC will be the $345-$350 area. A move below $345 could end the current rally.

Namecoin Breaks Parity

Alternative cryptocurrency Namecoin closely followed bitcoin’s rise. Yesterday prices closed above the $1 parity level and today the move up continued with NMC/USD hitting a high of $1.115 before falling back.

nov13-nmc

Important levels on the upside include the round $1.20 figure, followed by $1.30 and the September 18th swing high at $1.35. On the downside, the $1 parity level will be important support for NMC. This is followed by the $0.75-$0.80 support area.

Peercoin Follows Bitcoin Higher

Peercoin followed bitcoin higher, gaining over 10 percent yesterday and almost 7% today. We are currently quoted at $0.911, above the $0.90 level marking the top of the previous congestion area. The $1 parity level will be an important milestone for PPC. A move above could see gains toward the $1.10 round number. Further up, the October 14th swing high at $1.135 could provide some resistance.

nov13-ppc

On the lower end, the $0.80-$0.823 area should support falling prices. Below this, the next level of support can be found at $0.73 per coin. As usual, whenever trading PPC/NMC/LTC you should have one eye on bitcoin, as altcoins will often follow the movements of their big brother.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Bitcoin Price Hits a Month's High, Breaking Key Resistance April Became the Worst Month for BTC/USD Since November 2022 Bitcoin Price Bullish after Halving-2024 ADA Drops to Last Place in the Top 10 Cryptocurrencies BTC/USD Analysis: Bitcoin Price Rises Ahead of Halving

Latest articles

Indices

Tech Stocks Back in Vogue as Nasdaq 100 Rallies to Record High

The tech-heavy Nasdaq 100 index (US Tech 100 mini on FXOpen’s TickTrader platform) reached a new all-time high on Monday, closing the trading session at 18,684.2 according to FXOpen pricing, fueled by renewed investor enthusiasm for technology

Commodities

Gold Price Reaches Historic High

According to confirmed information, Iranian President Ebrahim Raisi, considered a potential successor to the country's supreme leader, Ayatollah Ali Khamenei, died in a helicopter crash in a mountainous area near the border with Azerbaijan. The helicopter also carried Foreign Minister

Forex Analysis

Commodity Currencies Retreat from Local Highs

Despite the cooling labour market in the US and declining inflation, the American currency continues to move towards new highs. For instance, the USD/JPY currency pair might update the current month's high at 156.70, the NZD/USD sharply

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.