Crypto Market Sobers Up, Causing Minor Retracement As Bitcoin Holds Above $8,500

Crypto Market Sobers Up, Causing Minor Retracement As Bitcoin Holds Above $8,500

The last couple of days have seen the market go explosive with volatility making a come back. During that time, billions have been pumped into the market and sentiment turned strongly bullish.

As expected though, the market has sobered up. This has seen prices traceback but with stronger support that has ensured a higher low. For Bitcoin, this seems to stand just above $8,600. If the drop further extends, the key support to ensure sentiments remain high stands at $8,500. This means that Bitcoin and a majority of other coins have retained much of their gains from the latest rally.

At the time of writing this, a majority of cryptocurrencies are down by 1% to 3%. Ethereum and XRP, for example, are down by 1.54% and 4% respectively. This takes Ethereum back to $163 having started the week at $143 and XRP to $0.227 from its recent range of $0.19 to $0.21.

With the recent rally, there have been some changes in the top ten rankings. Bitcoin SV has climbed up the ranks to reach number five. As we reported yesterday, Bitcoin SV slightly climbed to reach number four overtaking  Bitcoin Cash the token it was hard forked. There has been some discussion that the recent rally was triggered by Bitcoin SV as the asset rallied by more than 95% to reach its all-time high.

The recent rally proves that 2020 is going to be an explosive year for the crypto market. The crypto community is optimistic that the rally is not over and the market will continue rising. For Bitcoin, the next key target that triggers the next bullish wave is $9,000. This is the bull’s primary target as they prepare to climb to $10,000.

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The stage looks set for this move in the next couple of days. With a market dominance of over 66%, trading volumes reaching record highs of over $34 billion, and with strong support above $8,500, the asset is set for more extraordinary highs.

For altcoins, the recent rally that saw them outperform Bitcoin could be a sign that the altseason is back and they will continue soaring in the coming weeks.