Bitcoin Price Zooms Toward $10,000, Litecoin Rockets on Rumors

Bitcoin price rose sharply today and moved above $9,000. BTC/USD is up around 8 percent after the ECB President Mario Draghi declined any plan of banning bitcoins and cryptocurrencies. The next major resistance is now at $10,000.

The cryptocurrency market was completely green today with a sharp rise in the overall market cap to $446,720,759,255. Litecoin price posted nasty gains today.

LTC/USD is up more than 32% to $207. The main driver was the official launch of LitePay on February 26, 2018. The price is placed nicely above the $200 level, and it seems like it could retest the $220 level.

We started because the people asked @Bitpay to accept LTC. They wouldn’t, so we took the challenge. Infrastructure for LTC February 26 🚀#PayWithLitecoin #LitePay

— LitePay, Inc. (@LitePayInc) February 13, 2018

Another important development is Rumor of Facebook adding Litecoin. Although, there are no ground facts to this, but many speculators love rumors and bought aggressively.

Another important driver was Microsoft’s support for Bitcoin, Ethereum and Litecoin. Alex Simons, the Director of Program Management, Microsoft Identity Division, stated in a post:

Some public blockchains (Bitcoin [BTC], Ethereum, Litecoin, to name a select few) provide a solid foundation for rooting DIDs, recording DPKI operations, and anchoring attestations.

The overall market sentiment is positive. BTC/USD rose above the $9,000 level and it looks to challenge the $10,000 level. On the downside, supports are at $9,000 and $8,800. On the way to $10K, the price could face sellers near the $9,600 level.

In the altcoins arena, Ethereum Classic was one of the best performing cryptocurrencies. Moreover, Polymath rose 40% today after it was listed on a major exchange. The price action is positive and if the momentum stays intact, price could accelerate higher.

Ether’s price (ETH/USD) also gained traction and moved above $850. It is poised to rise further above the $900-920 levels in the near term. Ripple price is slightly lagging, but it may soon accelerate above $1.10 to gain towards $1.20 in the near term.