Within minutes, on January 6, the Bitcoin price spiked from $3,830 to $4,030 by around five percent. The sudden increase in the price of Bitcoin led other major crypto assets to spike in value.
Ripple, Bitcoin Cash, Litecoin, EOS, and Stellar recorded gains in the range of 3 to 12 percent on the day, demonstrating solid momentum over the last 24 hours.
With a $7 billion increase in the combined value of cryptocurrencies, the market has initiated a decent short-term price movement.
But, as a cryptocurrency trader with an online alias “The Crypto Dog” said, the valuation of cryptocurrencies would have to break out of major resistance levels in the range of $160 billion to $180 billion to call for a convincing short-term rally.