Cryptocurrency market update: Ethereum and Ripple bulls blast out of the ‘crypt’
|- Bitcoin has found support above $8,000 and seems to readying itself for another run to towards $9,000.
- Ethereum is trading upwards 5.66% while Ripple has trimmed gains 3.35%.
- Bitcoin bull rally appears to have stalled at the beginning of the altcoins’ surge.
The altcoin season is finally upon us following several weeks of a Bitcoin bullish driven market. The first and the second largest altcoins, Ethereum and Ripple are leading the rest of the altcoin ‘gang’ by recording impressive gains. However, Bitcoin has not been left behind and has even traded highs of $8,384.66 on Thursday. Bitcoin has found support above $8,000 and seems to readying itself for another run to towards $9,000.
As Bitcoin upwards momentum takes a break, altcoins led by Ethereum and Ripple are trending higher with formidable gains. In the last 24-hours, Ethereum has corrected higher 15.1% while Ripple is up 4.70%. According to the intraday charts, Ethereum is trading upwards 5.66% while Ripple has trimmed gains 3.35%.
Other altcoins are also on the move lead by Bitcoin Cash with gains of more than 3.88%. Dash is also in the green having corrected up 1.92% on the day while EOS has added 2.41%. Ethereum Classic is also trending higher after rising 5.19%.
With the altcoins correcting significantly higher, we are likely to see the dominance of Bitcoin diminish in the coming weeks. Bitcoin bull rally appears to have stalled at the beginning of the altcoins’ surge. However, the largest digital asset is currently holding above key support and could regain the trend in due time. Altcoins are yet to break key resistance levels in order to keep up with Bitcoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.