Bitcoin (BTC), Monero (XMR), Binance Coin (BNB), Ethereum Classic (ETC), and XRP (XRP) Record The Most Gains As Cryptocurrency Market Recovers

cryptocurrency

Trading and investment are not risk-free. However, conducting research before making business decisions will help minimize risks. The crypto market is no exception. Considering the bearish and bullish runs, you have to invest in coins that can give you higher returns over time. For this reason, an analysis of the crypto market will be helpful.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,230.68
-1.54%

The recent argument on whether Bitcoin will continue to soar while the altcoins plunge caught the attention of many crypto enthusiasts. However, many supported the first digital asset which has maintained market dominance with above 62%. While Bitcoin remains the leader in the crypto market, there is a possibility that other coins will also experience an uptrend.

It was expected that Bitcoin will take a break after the recent rally to allow traders to shift their attention to other coins. However, the expected bull run is likely to be different from the previous experiences of the crypto market. The price gain of the altcoins will depend on their independent use cases. Consequently, while some altcoins may struggle to make profits, others will outperform them.

It is better to buy cryptocurrencies whose prices have just started to increase than those that experienced a drastic decline in prices. The price gain indicates traders’ interest in those digital assets. However, there may be a reason for the fall in the prices of other cryptocurrencies. With data from HitBTC exchange, an analysis of the top five performers in the crypto market may be useful.

Bitcoin News Today- Bitcoin Price Forecast- Bitcoin Price Analysis

Bitcoin has confidently surged forward since the recovery of its price. The co-founder of Morgan Creek Digital Assets, a crypto asset management firm, predicted further price gain of Bitcoin. Anthony Pompliano, who had invested half of his wealth in Bitcoin expects the cryptocurrency to hit $100,000 by 2021ending. Analysis of a report by Binance shows that more traders are investing in the digital currency.

During the period under observation, the price Bitcoin showed ups and dips. However, traders should buy the coins during the dips.

XMR News Today- XMR Price Forecast- XMR Price Analysis

With a price rise of 8%, XMR has become the best performer by market capitalization among the top 20 cryptocurrencies in the past week. The XMR/USD pair experienced a sharp fall with the Monero’s XMR landing at the support of $81. It may trade between this price and $150 in the coming weeks. Traders who buy at this dip will still gain but not without risks. XMR will hit downside support of $61 if bears sink the coin’s price below $81.

Binance Coin News Today- BNB Price Analysis- BNB Price Forecast

Unlike most altcoins, continually trades close to its high in the previous bull market. The data on the crypto market shows that the BNB/USD is in a strong uptrend. Traders will have a buying opportunity with low-risk if the cryptocurrency dips to a strong support level. Buyers can purchase the coin at the first downside support of $28.7168. However, an up move is expected on a breakout above $40.

Ethereum Classic News Today – ETC Price Analysis – ETC Price Forecast

The recovery of the ETC/USD came to a halt at $10.040. The bulls are likely to push the price above its resistance zone of $10.040-$11.880 if there is a pullback. Such a move may trigger an uptrend with an expected price rise above $20. However, the price may plunge to$5.22 if bears sink the ETC/USD pair. Ideally, traders should wait for a breakout before buying the coin.

XRP News Today – XRP Price Forecast- XRP Price Analysis

XRP lags behind other cryptocurrencies during the recent recovery in the prices of the digital currencies. There is lack of demand for the coin as the bulls have repeatedly failed to maintain its price above $0.450. The bulls will attempt to increase the price above its resistance level of $0.450-$0.5050 if the cryptocurrency bounces off its support of $0.370. However, it is expected to have a new uptrend if it maintains a price above $0.5050.

Traders should monitor the market trend to identify buying opportunities. Besides, it will help them to minimize risks as cryptocurrency assets are highly volatile.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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