The value of bitcoin has been hovering over the $9,300 level, although its upward movement is limited below $9400. Bitcoin showed its strength above the $9k level during the bear momentum that affected the entire digital currency market on May 9. The crypto market has been bullish since early April, and bitcoin almost broke out of its resistance level at $10k.
Digital currencies have been getting mixed messages from big player firms in Wall Street. For instance, Nasdaq said if the regulatory issues in the industry are ironed out, it would consider creating a digital currency trading platform.
Also, Goldman Sachs announced opening a digital currency trading platform, where it would start trading bitcoin first. At the same time, the parent company of New York Stock Exchange (NYSE) is also working on a crypto exchange that could help customers trade bitcoin. All these positive news and projects have a positive effect on the demand for bitcoin, this also affects its trading volume and price.
The value of bitcoin is longing for support to move above its resistance at $10k. Presently, the value of bitcoin is $9330, after a 0.5 percent increase.
Price Analysis of Ethereum
The price of Ethereum has been fluctuating on its hourly chart, but the upper limit has been capped at $770. The value was sitting squarely over the $750 mark after a 1.7 percent increase in the last twenty-four hours. However, after the value declined below the $720 level on May 9, the digital currency went below its key resistance marks at $730, $740, and $760.
Price Analysis of VeChain
VeChain is one of the biggest gainers in the list of top 20 digital currencies by market capitalization. The value of VeChain (VEN) is currently trading at $5.3 after an upsurge of 7.38 percent. The upward movement started above the $4.9 mark which led the way to higher corrections breaching the resistance levels of the coin.