Bitcoin Maintains The Crucial Support Ahead Of New Week: Monday’s Crypto Watch

After last week’s plunge of over $1,500, Bitcoin rattled its 2020 positive run. The question remained if the $8,500 critical support level could hold the downfall, and, so far, it has.

The largest cryptocurrency dipped below it to $8,440, but it managed to recover quickly. At the time of this writing, Bitcoin is trading at approximately $8,700.

If BTC continues to increase, the first significant resistance level lies at $8,800, followed by $9,000. The latter also serves as a major psychological line.

BTC/USD. Source: TradingView
BTC/USD. Source: TradingView

Most of the cryptocurrency market notes small upwards movements today. Ethereum, Litecoin, Tezos, and EOS are all up with around 1%.

Bitcoin Cash and Bitcoin SV are the most significant gainers among the top 10 coins by market cap. The former is up with 2.66% to $322 and the latter with 4.6% $234.

Contrary, Huobi Token records the largest decline in the top 20. HT is down with over 4% and is currently trading at $4.66.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

Total Market Capitalization: $248B | Bitcoin Market Capitalization: $159B | Bitcoin Dominance: 64%

Major Crypto Headlines

Breaking: Bitfinex Exchange Goes Under Unscheduled Maintenance, Suspects DDoS Attack. The popular cryptocurrency exchange, Bitfinex, went through unscheduled maintenance on Friday. Even though the company suspected a DDoS attack on its network, later, Bitfinex said that all issues had been resolved.

Interestingly, OKEx went through an unscheduled system update on the same day, as well.

Beating the Odds? Insolvent FCoin To Resume Operations And Attempt To Refund Users. FCoin exchange became insolvent in February and was unable to pay its customers an estimated amount of $115m worth of Bitcoin. A few weeks later, however, the firm promised to refund the affected users and to start operating again.

Ripple Partners With European Remittance Company Azimo But Legal Troubles Continue. Ripple partnered up with a European online remittance service company Azimo to serve customers in the Philippines. At the same time, though, the company’s legal issues with Bradley Sostack continue.

Significant Daily Gainers and Losers

Bytecoin (23%)

BCN skyrockets today with 23% gains against the U.S. dollar to $0.0005. It rises with 21.6% against the largest cryptocurrency, and BCN/BTC currently trades at 6 SAT.

With the most recent price increase, the total market capitalization of Bytecoin is well above $92 million.

AELF (12.32%)

Elf is in the green today, as well. It rises to $0.1, after a 12% price jump. Elf trades at 1163 SAT after an 11% increase against Bitcoin.

The company recently published a comprehensive guide on how to utilize its network mechanism securely.

Kyber Network (-12.45%)

On the other side of the scale sits KNC’s price. After yesterday’s surge to $0.85, KNC drops to $0.7. It also goes down to 8074 SAT, following a 13.5% drop.

Despite the most recent decrease, Kyber Network still has a total market cap of above $125 million.

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Cryptocurrency charts by TradingView.