The cryptocurrency market has been down since the Tether issue. However, things seem to be returning to normal for Bitcoin and all other cryptocurrencies. Litecoin (LTC) is at the forefront of a recovery across the market leaving none of the top ten cryptocurrencies behind.
Bitcoin (BTC) the top crypto has been hovering around $5,200, barely maintaining the level for the last three to four days. However, it is currently well over $5,300 and clearly heading to $5,400. The short dip was described as a critical spot for Bitcoin as it had the potential of crashing to $4,200. It turns out however the asset decided to go up. Good news for investors right?
Another asset that had a critical “do or die” period was XRP, which is also currently among the top gainers of the top ten cryptocurrencies. This is a huge relief for XRP holders and investors as it was uncertain if the asset would recover from the short dip.
The market looks like it will be growing really fast, but what is important is its ability to sustain growth. It seems though that Bitcoin is on its way straight to $5,500 and beyond. For XRP, the price is not growing as fast, but at least it has managed to secure its critical $0.3 support level and may make another move from there.
Experts and analysts have said Bitcoin will need to reach at least a price of $6,200 to be considered fully done with the winter. Fundstrat’s Tom Lee, however, believes the winter is behind us and regardless of the small price fluctuations like the dip in the last few days, things will get better. It seems Lee was right after all.
Again, some analysts believe Bitcoin will have to go on a downtrend to $4,000 before making any significant progress to even approach $6,000 in the next few months. Whatever it will be, it will probably happen fast and if a crash does happen, the asset may not stay down for long as it definitely has an established background strength that will not be easily overcome by the bears.