Market Analysis: Crypto Prices Attempt Resistance Breakout After Recent Plunge

Why Altcoins continue to show glimpses of weakness against Bitcoin

Today, the cryptocurrency market is exhibiting some good moments, which can be attributed to the sharp recovery of most cryptocurrencies within the past 24 hours. However, this was not the case a couple of days ago judging from charts. Most of the downward trend of these assets could mostly be pinned on Bitcoin’s most recent dump in price.

Bitcoin Gains in Price After Most Recent Dump

As at press time, Bitcoin is priced at $10,352, which is a 2.49% increment within the past 24 hours, according to Coinmarketcap. While the asset’s current price is not entirely remarkable comparing it to its value of $11,420 on Tuesday, August 13, 2019, the crypto community can finally breathe a sigh of relief, even if it’s a short-lived one.

The latter is a result of its low of $9,675 on Thursday, August 15, 2019, with the possibility of declining further down. In the same vein, certain events in the crypto space happening within the same period did little good to Bitcoin’s dwindling price.

News Emerging Shakes Crypto Market

For instance, the U.S. Securities and Exchange Commission (SEC) postponed its decision to approve three Bitcoin ETFs. Also, Trump’s administration publicized earlier this week that the 10% tariff that had been imposed on Chinese imports valued at $300 billion will be delayed for certain goods.

Bitcoin’s sharp decline from its $11,400 price level to $10,830 on August 13, 2019, triggered by these events, took a toll on the crypto market. However, a closer look at Ethereum, XRP, Bitcoin Cash, Litecoin, and other top crypto assets’ price charts today, shows that they have made significant leaps as well.

ETH, XRP, and BCH Also Spike After Minor Drop in Price

Ethereum (ETH), for example, is priced at $185.30 and has gained 0.83% in the past 24 hours. On Thursday, August 15, 2019, Ethereum visited a low of $178.14, a level it has never traded at since June 2019. The last time Ethereum traded within that range was on the 11th of May 2019, where its low and high for the day were $173.14 and $203.47 respectively.

XRP, the third-largest crypto asset has also recovered judging from its $0.265 price level and 2.09% increment today. On Wednesday, August 14, 2019, XRP’s low for the day was $0.252. What’s even more remarkable is that XRP had never traded around that range since the year began. The last time the cryptocurrency was priced around $0.25 was on September 12, 2018, almost a year ago.

There’s also Bitcoin Cash (BCH) which also took some quite the beating earlier this week. BCH’s price as at press time is $310.04, which gives it a 0.31% in the past 24 hours. Like other top crypto assets, BCH’s low was mostly felt on Thursday, August 15, 2019, when it traded as low as $282.04. Nonetheless, its price on Thursday wasn’t far off since BCH was also priced within that range on July 24, 2019.

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