Bitcoin, Ethereum, Dogecoin Trade Flat, As Minor Altcoins Strike Gains; Analysts Anticipate Breakout
Major cryptocurrencies traded largely flat on Sunday night — with the global cryptocurrency market capitalization in the green by 0.85% at $1.3 trillion.
What Happened: Bitcoin (CRYPTO: BTC) traded 0.52% higher at $31,795.73 over a 24-hour basis. The apex cryptocurrency was down 7.02% for the week
See Also: How To Buy Bitcoin (BTC)
Ethereum (CRYPTO: ETH) traded 0.48% lower at $1,901.62 over 24 hours and traded 10.97% lower over a seven-day trailing period.
Meme-based Dogecoin (CRYPTO: DOGE) traded 1.27% lower at $0.18 over 24 hours and was down 14.72% over a seven-day period.
DOGE traded 2.38% and 1.4% lower against BTC and ETH, respectively, over a 24-hour period.
The top gainer over 24 hours was SwissBorg (CRYPTO: CHSB) which was up 4.58% at $0.54 at press time. For the week CHSB was down 13.17%.
The token, which serves a project that wants to add the power of blockchain and smart contracts to Swiss private banking, traded 4.09% and 5.14% higher against BTC and ETH over 24 hours.
Other notable gainers on Sunday evening included Theta Fuel (CRYPTO: TFUEL), Amp (CRYPTO: AMP), and Telcoin (CRYPTO: TEL).
Over 24 hours — TFUEL traded 4.47% in the green at $0.29, AMP was up 4.34% at $0.045, and TEL rose 4.08% to $0.013.
Why It Matters: Bitcoin continues to keep its head above the $30,000 mark with the latest shot in the arm for the cryptocurrency coming from Bank of America Corp (NYSE:BAC) which approved futures trading in the cryptocurrency for some clients on Friday, as per a CoinDesk report.
It is noteworthy that Bank of America had labeled the apex coin as “impractical” in March and then earned the wrath of the cryptocurrency community.
At the time the bank had said there is “no good reason to own Bitcoin unless you see prices going up.”
On Friday, Oanda senior market analyst Edward Moya noted Bank of America’s commitment towards Bitcoin and said, “On Wall Street, if one bank sees opportunity in doing something risky, the rest will easily justify following suit.”
Some analysts are of the view that BTC is prepping for a price breakout in either direction.
As per Mati Greenspan, founder of Quantum Economics, a cryptocurrency analysis company, the breakout might be in the lower territory.
“Bitcoin’s chart looks really ugly at the moment,” wrote the analyst, as per CoinDesk. Greenspan pointed to the slope that has “materialized” over the last few days, which pointing to the cryptocurrency heading to the $20,000 mark, a previous all-time high.
“In technical terms, this is known as capitulation,” wrote Greenspan.
Read Next: Is Bitcoin On Track To Dip Below $30,000?