Can altcoins continue grow faster than Bitcoin (BTC)?
|The market has faced a correction after a sharp rise. As a result, some coins are trading in the red zone.
Top 10 coins by CoinMarketCap
BTC/USD
By the end of the day, Bitcoin (BTC) has faced its first correction after a breakout of $60,000. In this case, all of today's growth was absorbed.
BTC/USD chart by TradingView
On the daily chart, the situation is still bullish as the leading crypto has just retested the previous peak at $61,780. However, further growth may not be so fast as the coin needs to gain more power.
In this regard, sideways trading in the range of $63,000-$64,000 is the more likely scenario for the upcoming days.
Bitcoin is trading at $63,300 at press time.
ETH/USD
Ethereum (ETH) is looking more bullish than Bitcoin (BTC) as the rate of the chief altcoin has gone up by 4% since yesterday.
ETH/USD chart by TradingView
However, Ethereum (ETH) might still make a restest of the level of $2,300 on the daily chart, as the coin needs more energy to attack the vital mark of $2,500, which may happen shortly.
Ethereum is trading at $2,345 at press time.
XRP/USD
XRP is the biggest loser today as the rate of the coin has dropped by 1.67%.
XRP/USD chart by TradingView
Like Bitcoin (BTC), XRP is about to trade in the range soon. The volatility should decline, so the coin could accumulate more energy for the future rise. All in all, sideways trading between $1.75 and $1.85 is the more likely price action in the near future. XRP is trading at $1.69 at press time.
ADA/USD
The rate of Cardano (ADA) is almost unchanged since yesterday.
ADA/USD chart by TradingView
Even though the long-term trend remains bullish, sideways trading in the narrow range of $1.46-$1.54 is the more likely scenario as Cardano (ADA) is not ready to show the same sharp rise at the moment.
Cardano is trading at $1.43 at press time.
DOGE/USD
DOGE is the top gainer today as its rate has blasted by 53.37%.
DOGE/USD chart by TradingView
DOGE is already overbought at the moment, which means that a more profound decline may occur. In this case, the potential support is located in the range of $0.11-$0.12.
DOGE is trading at $0.1286 at press time.
BCH/USD
Bitcoin Cash (BCH) is the second-most growing coin today. Its rate has increased by 8% over the last 24 hours.
BCH/USD chart by TradingView
The fall of Bitcoin Cash (BCH) may not have finished as the altcoin may still retest the mirror level at $773. In this case, the long-term trend still remains bullish as buyers need to gain more strength for future growth.
Bitcoin Cash is trading at $815 at press time.
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