Cryptocurrency Market Bounces Back As Bitcoin Hits $11,000

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Despite The Recent Plunge, Here’s Why Bitcoin Could Be Poised For An Even Greater Bull Run
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Bitcoin alongside other altcoins have made a correction in price within the last 24hrs, one that has not only moved trading price greatly but has also reflected an upsurge in volume and market cap.

BTCUSD Chart
BTCUSD Chart Via TradingView

As speculated in yesterday’s price analysis which suggested the possibility of Bitcoin making upswing overtime, the big bull has indeed made a significant upsurge as it now trades at a price of $11,367 at the time of this writing. At press time, Bitcoin has attained impressive gains of 14% against the USD, making it one of the top gainers since the past 24hrs till present.

Unlike yesterday’s market, Bitcoin is headed for a breakout in price. With a slight increase in its current gains, resistance levels of $11,500 to $12,000 can be broken and surpassed in a matter of hours and the stability of this which is no longer solely dependent on the buzz caused by Facebook’s Libra is showing itself to be more reliable, thanks to the boost in trading volume from Asia.

Traders from Binance must be commended for this upswing as they have successfully pushed the trading volume on the exchange to a $1 billion mark once again. As with the past 3 days, pairs of BTC against the USDT has continued to pioneer this growth with a total of $1.22 billion at press time.

Altcoins are also on the recovery route as the top dogs attain gains above 3%. With 6.43% and counting, Ethereum is taking a higher jump as the trading price is headed for a $300 price point which was last seen on the 30th of last month.

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Litecoin is also headed in a rather promising direction. With gains of 5%, LTC is also making a swift rally. LTC being one of the most stable coins throughout this time is currently trading at a price of $121, while a breakout in price is not certain at present, the possibility of LTC hitting the $150 mark within the next 24hrs remains highly possible.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.