By Hassan Mehmood (Saudi Arabia)
When it seemed that Ethereum was losing its value more than 50%, the silver cryptocurrency bounced back. In a matter of 24 hours, the ETH price mark moved upwards from $1K levels to above $2K. A major improvement in Bitcoin is also visible. Only yesterday, Bitcoin fell as low as $30K. However, after a good enough recovery, the flagship cryptocurrency is not trading for $35,500.
The bears took hold of the market last week and tried to stop Bitcoin from remaining in a safe zone over the weekend. Just when the beacon coin was as away from getting out of the $30K support level by $100, the bulls scored. The rise of an intraday few thousand dollars is a significant recovery; however, it is still lagging from giving Bitcoin the market’s full potential. The positive effects of Bitcoin recovery can be seen on the entire altcoin market.
The Altcoin Market Including Ethereum is on its Way Towards Recovery
For now, it seems that Ethereum is on the right track once again. Meanwhile, other leading altcoins like Binance and Cardano are also following suit. At press time, the recovery of Bitcoin can be seen reflecting positively on the price marks of Bitcoin Cash, Polkadot, Ripple, Dogecoin, Uniswap, and also DOGE. The third-largest cryptocurrency by market cap Binance Coin is only $300 shy of its latest ATH.
Also read:Meanwhile, other altcoins also have an average of 4% recovery across the board. The impact of Bitcoin gaining ground is far-reaching. In the top 100 altcoins market, digital assets like Shiba Inu, Compound, THORChain, Siacoin, Fantom, XDC, Nexo, and Celsius gained about 12% on average. The highest gainer in the top 100 list is ICP that witness a 45% gain and currently trading for $44.
According to technical analysts, a major resistance price mark would tackle with the bull wave at $35,700. As the Chinese government has imposed a crypto mining ban in the region, Bitcoin hashrates have declined overwhelmingly. There are also some predictions about Bitcoin getting a bear correction as far back as $12K. Such a prospect would throttle the king coin to a price point more than a year ago.
On the other hand, the technical analysis also reveals that if the beacon coin keeps moving south, there are support levels at $34K, $32K, and $31,500. This would allow the bulls to take a breath and gain more time to take control of the market. The overall crypto market cap has also ballooned by $100 billion in a matter of a day.
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