The bitcoin has kept its support at the $5000 level as the main crypto coin breaks through resistance. The bitcoin was held back by strong support at $5000 which fueled a bounce back to the new levels at $5400. The increase of the bitcoin was contrasted by a slower rise of the altcoins that
Bitcoin Break Through Resistance and Push Higher
In today’s trading the bitcoin breaks through resistance level that many consider strong at the around the $5300 mark. The renewed strength of the Bitcoin began when it went past the key resistance point at the $5000 mark and converted the support level to a strong psychological support.
The Bitcoin went above $5400 for the day but quickly settle slight below at $5395. This marks an increase for the Bitcoin from yesterday’s trading. Furthermore, the bitcoin grew 1% on the daily scale for the crypto market.
Bitcoin Setting Pace
The Bitcoin has not grown as fast as the altcoins in the market, but it has definitely set the pace. The altcoins historically followed the movement of the bitcoin which is evident in the continued growth of the crypto market. Coinciding with this year’s Bitcoin resurgence is the swelling of total market capitalization of the crypto market. The Crypto market capitalization stands close to $180 billion, an increase compared to the start of 2019.
Altcoin Like LTC, ETH and XRP Showing Signs of Decoupling
The rise of the bitcoin showed an outpacing compared to the altcoin like the Litecoin, ETH and XRP. This could be a telling sign that these altcoins may be forging their own way. The Litecoin traded at the red over the weekend but rebounded to trade 1.23 higher than the Bitcoin in today’s market.
Analysts believe that the ETH will follow the Litecoin’s rise despite today’s trading showing the ETH remaining relatively stable along with the XRP. The Ethereum settled at $171.93 while the XRP settled at around $0.328 after a day’s trading.