After riding in a sea of red for the last couple of days, the market has turned green. The trend changed yesterday, coinciding with Libra’s hearing before the Senate. Since then, the market has recovered more than $15 billion. Surprisingly, altcoins seem to be recording as much if not more as Bitcoin. For the last couple of weeks, altcoins have been no show with Bitcoin dominating the market.
At the time of press, among the top cryptocurrencies, Litecoin is leading the way with a comfortable 17% gain. Tron comes second with a 14% gain while Ethereum, XRP, and EOS all enjoy a more than 5% gain.
Bitcoin is enjoying a moderate 5% gain in the last 24 hours and seems to have lost some of its dominance. Bitcoin’s dominance stands at 65.3% at the time of press. If altcoins continue performing this well and surpassing Bitcoin, we can expect dominance to continue dropping and price movement to continue at a slow pace.
Key Supports Defended
Earlier yesterday, several cryptocurrencies dropped below key support positions. For Ethereum, this was a slip below the $200 position, while for XRP, this was below $0.30.
This could have easily seen the market incur far greater losses with panic triggering a sell-off. Luckily, the bulls made a swift move and took back the market and today they are extending this and trying to position prices at better ranges.
Bitcoin, which had slipped into the lows of $9,200 was also at risk of slipping below $9K which many will agree would be dangerous territory that could see prices further hit $8,500. Bitcoin’s bounce has seen it climb to near $10K but there is resistance around this position.
Analyst Not Entirely Convinced
While the recent bounce has been welcomed by many, some analysts remain unconvinced. Peter Brandt, a popular analyst, has recently stated that he forecasts an 80% correction. With this not achieved during the dip, the analyst believes that prices could still pull further down. Technical analyst Josh Rager has also had his say following yesterday’s bounce, he stated:
“Bitcoin had a nice bounce that tapped the previous 4hr chart low and I honestly think it needs to push up more before continuation down,”