Cryptocurrency Market Update: COVID-19 crisis can take BTC to the moon
- Cryptocurrency market is in position for a strong rally.
- From the short-term perspective, Bitcoin and the majority of altcoins are range-bound.
Cryptocurrency experts believe that Bitcoin is well-positioned for a strong rally ahead and after the halving. The highly anticipated event will take place in the middle of May and result in Bitcoin's block reward reduction. Halving is scheduled to place every 210,000 blocks or every four years until the maximum supply of 21 million bitcoins has been created by the network.
According to Mati Greenspan, the founder of financial advisory outfit Quantum Economics, Bitcoin will outperform traditional assets due to the upcoming halving and flow of money injected in the financial system.
Bitcoin has been the best performing asset by far over the last year and over the last decade. With all the money being injected into the system at this time and the upcoming halving, I don't see any reason it wouldn't continue to outperform, he said as cited by Forbes.
Top-3 coins overview
BTC/USD has been trading above $7,500 since Friday, April 24. The price of the first digital coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Satruday. As the upside momentum has faded away, BTC/USD bulls need to take out $7,600 to get the recovery back on track.
ETH/USD recovered from the intraday low of $186.04 to trade at $194.40 by press time. The second-largest coin has gained over 3% both on a day-to-day basis and since the beginning of the day amid short-term bullish sentiments and high volatility. The next critical resistance is created by psychological $200.00.
XRP/USD broke above the upper range of the recent consolidation channel $0.1800-$0.1900 and settled at $0.1952 at the time of writing. The coin is moving within the short-term bearish trend in sync with the market. The volatility is high.
Author
Tanya Abrosimova
Independent Analyst
