- Some major altcoins find strong support levels
- Altcoins Have Been Performing Better than Bitcoin (BTC) Recently
- The Trading Volumes of Altcoins Have Reduced
Cryptocurrency News Today – The altcoin market seems to be gaining momentum, as some altcoins in the market have found strong support levels. Some of the top altcoins in the market, such as Ethereum (ETH) and XRP (XRP), have already retraced to 2017 levels. Bitcoin (BTC) has been gearing towards a bearish near term trend. As such, investors and traders are divided on whether altcoins will start to see weakened momentum or continue their recovery.
Ethereum (ETH) Maintains Strong Support at $180
Over the past few weeks, XRP, Ethereum (ETH), and other altcoins have shown signs of an extended upside rally. Ethereum (ETH), which is the largest altcoin by market cap, has been maintaining a strong support level at $180. According to some technical analysts, altcoins would experience a pullback in the near term. However, a crypto trader said that the risk to reward ratio to altcoins to surge higher is improving, and it is creating a more favorable environment for XRP and Ethereum price rally. In a tweet, Crypto Michael – a professional trader – said:
“Altcoins have fully retraced back to their 2017 and/or 2016 levels. Does that mean that they can go down some more? Yes, however, the R/R with upside potential is getting extremely better from here. Reminder; sentiment switches after price movements, not before.”
Ethereum (ETH) Price Today – ETH / USD
Altcoins Have Been Performing Better than Bitcoin (BTC) Recently
Over the past seven days, the price of BTC plunged from $9k to $8,450, across major trading platforms. This is a decrease of about 6 percent over the past seven days. In that same timeframe, the price of XRP plunged by five percent while that of Ethereum plunged by about three percent. Recently, altcoins have put up a better performance than Bitcoin (BTC) because major altcoins have lost about 90 percent of their value from their all-time highs.
The next couple of weeks are believed to be a critical period for altcoins. The coming weeks would decide if altcoins would test a larger pullback to lower support levels or the present levels will act as support for the medium to long-term bottom for an extended rally.
There are mixed sentiments for BTC among traders, and Bitcoin is also expected to see a decisive moment, according to the Glassnode research team.
The Trading Volumes of Altcoins Have Reduced
The amount of altcoin deposits to trading platforms has reduced recently, despite the optimism around the performance of altcoins. The declined amount indicates a lack of appetite for digital currency at the present price range.