After a strong couple of days for Bitcoin, the leading cryptocurrency seems to have slowed down. Bitcoin, which had earlier in the week soared to as high as $8,300, seems to have found support just above the $8,000, mark and settled just above the $8,100 position. In the last couple of hours, there has been a change in trend.
The change is significant and could signal the return of the altseason. Though Bitcoin has slowed down and is recording marginal changes at the time of press, altcoins are recording huge gains. Leading them is ETH and XRP which are recording gains in double figures.
At the time of press, ETH is up by around 17% while XRP is up by around 8%. Although they are the two biggest altcoins by market cap, and the best performing among the top coins, their performance has been reciprocated across the market.
Litecoin, Stellar, Binance coin, Cardano, Tron and a couple of more are also recording double-digit gains. At the time of press, Stellar is the highest gainer in the top 20 cryptocurrencies, surging by around 24%. The respective moves have seen the total market cap climb above $250 billion with all eyes now on hitting $300 billion.
XRP Extends Its Bullish Trend
For XRP, the bullish move is an extension on what was a spectacular move on Tuesday. The third largest altcoin by market cap on Tuesday surged by over 25%, seeing it climb from a little over $0.31 to hit $0.42. With the latest gains, the coin has managed to climb above $0.45 and is now looking set to test the $0.50 position soon.
Ethereum, on the other hand, has through the recent move strengthened its position above $250. The coin hopes to cross above $300 and possibly find support above it.
Bitcoin vs Altcoins?
With the latest move by altcoins, we will begin to see Bitcoin’s dominance drop with investors beginning to take positions with altcoins. This could see Bitcoin’s recent bullish run come to a halt but with the leader already holding a high and strong support position, this is not expected to be an issue for prices.
For altcoins, this move is essential and should see most break key resistance positions and help them keep up with Bitcoin which has in recent weeks been making leaps and bounds.