As Bitcoin (BTC) fluctuates between 6,800 and 8,200 USD, other crypto coins are demonstrating a remarkable growth during the last week. For instance, Matic Network (MATIC), which currently ranks 49th based on market cap, had a rise of 83 percent. On the other hand, Ravencoin (RVN) experienced a rise of 46 percent. Usually, this happens in times when Bitcoin is undergoing low volatility.
As Bitcoin is trying to rise above 7,600 USD, as it was previously, we still need additional analysis to know if the market has a positive environment for altcoin prices can keep going up. However, the Bitcoin price is still showing signs of decrease. The price temporarily fell to around 6,500 USD. After that, Bitcoin has been alternating within the range of 6,800 to 7,800 USD, which became a point of resistance. The decrease in Bitcoin price, the volume of the crypto coin decreased. As the price enters the range from 6,800 to 7,800 USD, the volume starts to decrease. As the price moves over 7,000 USD, the growth rate increases. Currently, 7,400 USD is an important level, if Bitcoin is going to move upward.
The cryptocurrency market is overall following a similar pattern to Bitcoin. Although crypto prices are going downward, their movements are different from Bitcoin. The market cap of all crypto coins is currently shifting around 210 billion USD. The shifts are comparable to the ones taking place last month, however, it is a possibility that the crypto market will experience a positive movement in value soon.
Despite the current lows, the crypto market is doing pretty good. In the beginning of the year, the Bitcoin price dropped to 3,100 USD and has seen a quick rise recently. Considering the current market movements, in 2020, Bitcoin will most likely experience a great increase in price.
Bitcoin is gaining more interest as the next reward halving is approaching. To learn more about Bitcoin and BTC price, check out Bitcoin Price updates and Bitcoin (BTC) Price Predictions.
The post BTC AND ALTCOIN PRICE SHIFTS appeared first on Crypto - Bitcoin News, Forecast and Analysis.
from Crypto – Bitcoin News, Forecast and Analysis https://www.cryptocynews.com/btc-altcoin-price-shifts/
via Bitcoin News
via Bitcoin News Today
No comments:
Post a Comment