With Bitcoin price rising above $ 8,000, the Altcoin market is finding its path
Bitcoin price and cryptocurrency market, in general, is showing a clear uptrend. Bitcoin has risen more than $ 8,000, witnessing a 30-day peak. However, AZCoin News predicts this is just a short-term uptrend.
Bitcoin price has risen above $ 8,000
Bitcoin price soared to its highest level in 30 days after creating a strong rally for the week. The bulls were able to significantly broaden the momentum created for the first time when Bitcoin hit a low of $ 6,400. However, you need to be careful with the uptrend today. Because maybe this will be just a short rally, and this unexpected breakout may not be the start of an uptrend.
At press time, Bitcoin was trading at a high of about $ 8,000, up nearly 7% in the last 24 hours.
Back to the largest Altcoin in the market, Ether (ETH). At press time, ETH is trading around USD 143, recording a slight increase of 1.5%.
The 3rd most significant cryptocurrency in the market, XRP, has a relatively stable transaction price for the day. XRP is currently trading at $ 0.215, down slightly by 0.7% at press time.
Not only does Bitcoin price today show a clear uptrend. The top 20 cryptocurrencies in the market are also showing green (and red) candles. In particular, ChainLink (LINK) was the absolute leader with the most significant increase of the day, recording a rise of 7.3%. On the other hand, Bitcoin SV (BSV) is receiving the title of worst day performance, with a loss of more than 3% on the day.
Total crypto market capitalization is currently at $ 213 billion. In particular, the Bitcoin Dominance Index is reaching 68.8%.
Will Litecoin be the catalyst for the whole market?
Of course, we cannot ignore Litecoin (LTC) with an increase of more than 4% on the day. The market’s 2019 bull run began in April and was stimulated mainly by Litecoin’s rally. LTC soared 380% from 30 USD to 145 USD before halving. This boom is thought to be a catalyst to help the market jump in the second quarter of 2019.
Litecoin Difficulty Ribbon now in recovery. Should setup a bullish breakout of the bearish channel. I wouldn’t be surprised if LTC to leads a bullish breakout of BTC. pic.twitter.com/DRJ5AT65fk
— Willy Woo (@woonomic) January 6, 2020
Despite the gloomy second half of 2019, the market is still optimistic this year and capitalization have reached $ 212 billion in just a 12-hour breakout. Litecoin jumped 9% since the beginning of the year to $ 46 today. This is the highest price of LTC in the past month.
Litecoin has dropped 70% from last year’s peak. Accordingly, the coin must surpass the $ 50 to be considered a recovery. This step did not make a strong move to the community because the founder of LTC Charlie Lee also had to pay $ 200 million to fund the improvement.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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