The market cap of the most popular crypto asset fell below its support level to trade below the $6k level over the weekend. Despite its negative performance, analysts believed that a rebound was possible at the $5900 level. A popular Twitter analyst advised his followers to trade long at the $5900 level for “infinite cash” as the buy orders at this level far exceed the sell orders.
At the time of writing, most cryptocurrencies are in recovery mode. Bitcoin bounced off the $58,80 low it reached late Sunday to trade at $6,400. This is an increase of about 5.68%. As Bitcoin has been a walking guide for the rest, the market has also recovered. Other crypto assets like Ethereum, XRP and Litecoin have also recovered in a similar fashion since early morning.
Market cap for the crypto-sector, which had been at $184,446 trillion on Friday, plunged by 4.7% and now stands at $172,779 million. At the moment, it is at $176,788,580.908. In the past 24-hours, BTC traded volume showed signs of recovery. It rose slightly from its $30.02 billion value to $36.5 billion. Bitcoin dominance remained at 65.64%.
Interesting Fact: BTC’s Recovery Doesn’t Have a Correlation with the Equities Market
BTC’s price activity was correlable to the equities market in the past. However, Bitcoin is still a guide for the rest. However, The crypto market recovery of late has not been correlative to equities, but Bitcoin’s safe haven status is still under discussion.
Global financial markets are still under pressure. Asian and European indices suffered minor losses due to steady inflows of negative coronavirus news.
Ethereum, the second-largest cryptoasset, broke its triangular structure to the downside and found support at $123. It bounced off that level to trade at its current price of $132.25.
Ripple’s HTMLRP traded at $0.1730 at this time, gaining 6% after it fell to $0.1625 on the previous day.
Altcoins Boosted by Bitcoin’s Recovery Van de Poppe calls for attention Shift to Altcoins
Similar to Altcoins, they have been in a recovery mode ever since the Bitcoin upswing at dawn today. His followers were advised by Michael van de Poppe , a well-known trader and crypto analyst. He said Altcoin may prove to be profitable in the short-term.
He stated that Bitcoin is very calm at the moment. Altcoins could experience a comeback as Bitcoin may enter an consolidation bout. He predicted that this would occur during the summer.