Bitcoin and the major Altcoins have started their journey to the moon
Bitcoin had a pretty good start to 2020 after the unsuccessful December holiday season. First, the US-Iran conflict, which has escalated since January 3, has led to a rise in the price of gold, as well as of Bitcoin.
After the de-escalation between the two countries, the price of Bitcoin cooled to about $ 7,600. Now, however, with Bitcoin SV’s curious rally lifting the entire market, Bitcoin has also gained about 6%, breaking above $ 8,500.
For the other top 10 cryptos, Tuesday was a particularly bullish day. Bitcoin Cash SV led everyone, rising 145% to $ 450. Bitcoin Cash ABC (+30.69%), EOS (+22.09%), Ethereum (+15.51%), Litecoin (+17,81%), Ripple’s XRP (+10.68%) and TRX (+13.38%) also rebounded.
Earlier this week, cryptocurrencies’ total market capitalization rose from $ 215.38 billion on Monday to Tuesday’s high of $ 244.24 billion.
Bitcoin dominance has collapsed to 65%. Trade volumes also jumped to $ 168 billion before settling down.
Why did Bitcoin SV made such rally?
Bitcoin SV is founded by controversial Craig Wright, who has long claimed to be the inventor of Bitcoin, Satoshi Nakamoto. Although his claims have been ridiculed in the crypto community, he has recently had a positive decision in his court fight. Namely, by February 3, 2020, he was given the deadline to provide the private keys that unlock the Tulip Trust, which holds some billions worth of some of the earliest mined Bitcoins.
If Craig Wright is able to prove that he has access to the early stashes of Bitcoin (and that he was part of the original inventors of Bitcoin), Bitcoin SV should go up significantly. It’s expected that Wright could sell Bitcoins to support BSV.
The hunt for higher support for Bitcoin SV has now begun
The digital asset is trading at $ 353 at the time of writing. However, it is not clear how far the current correction can go. The Relative Strength Index (RSI) suggests that Bitcoin SV may further reduce gains.
On the other hand, the MACD trend says that bulls are in control for now. Therefore, support at $ 350 will play an important role at this stage. If this level persists, it will stabilize the price of Bitcoin SV at higher levels and, on the other hand, avoid further losses to $ 300.
With a clear break and closing price above the highest highs, the appreciation is likely to continue. However, if we doesn’t see a close above this area on the daily chart, a retracement to $ 235 or $ 175 may follow.
Does Monero look ready for the rally?
The only coin that shows no enviable power is the Monero (XMR). Monero gave some signs of strength as the price broke the 7-month downside trend. In addition, the $ 55 level was successfully breakout.
While Monero manages to stay above the $ 55 support, we will probably see continued growth to $ 100.
In general, strong bullish momentum continues with the Altcoins. However, Bitcoin and Ethereum did not make the higher peaks that are so necessary for the other Altcoins to follow. Until then, enjoy these movements!
Author: Silviya Velcheva
* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.