Bitcoin Is Going High Above $20,000 as Altcoins Recover
After spike volatility over the last week, Bitcoin is again moving upward as its current price value is standing at $19,162. In the latest downfall, the support at $19,000 broke down as a result of bearish pressure but the price tag did not go below the 100-days moving average which is a great accomplishment.
The value went to as low as $18,581 before it again started to make its move in an upward direction. After turning above $19k, the next target for the world’s leading digital asset was awaiting at $19,200. At press time, Bitcoin is exchanging hands at $19,160 after an increase of 1.17% over the past 24-hours.
Over the recent few weeks, the price tag is playing with an all-time high figure standing at $20,000. Bulls have tried many times to surpass $20,000 but in vain as some whales do not want it to go above this psychological level as it will create a state of FOMO in the cryptocurrency markets.
There are some metrics that can tell about the upcoming trend in the BTC markets. First, the trend in the futures markets unveisl in which side the price is going. Second, the active traders check volumes over the cryptocurrency exchanges as high volume over trading platforms shows traders and investors are putting high confidence in the flagship cryptocurrency.
After reaching their peak values of all time, major altcoins behaved very bearish over the last week. But they have started to regain their positive position as they have witnessed bullish rallies again.
Almost all major coins are portraying the green signals over a timeframe of 24-hours. For example, Ethereum, the second-largest coin by market cap, is trading at $592 after an increase of 1.12% while it is up 10.51% over the weekly timeframe. According to one of the largest crypto asset management firms, Grayscale, Ethereum is making new records in getting the attention of investors. In yearly gain, Ethereum has even surpassed Bitcoin as Ethereum coin has increased by 360% while Bitcoin has surged only by 170% since the beginning of 2020. “Ethereum has along the same lines of the staying power than Bitcoin,” said Michael Sonnenshein, the managing director at Grayscale.
Similarly, XRP, the second-largest crypto is exchanging hands at $0.59 after a slight surge of 3.23% over the day. Overall, the market sentiments are positive which show the calmness of crypto traders.