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Altcoins get much-needed respite after Bitcoin surges by 12% in an hour

Bitcoin broke out of a rising wedge yesterday at 11:00 UTC, contributing to the price falling from $9,800 to $9,300. The bears had the matter under control until the king coin’s price started pumping again. Subsequently, Bitcoin’s price pumped by a whopping 12% in an hour i.e ~$1,400 pump in an hour.

Source: TradingView

The 12% price rise contributed to the breach of the $0.382 fib level at $9,440, and an eventual breach of resistance at $10,400. At press time, Bitcoin’s price was stuck below the $10,700 resistance level, with the coin hoping to break it. Much of the losses incurred by the king coin were replenished by Bitcoin, and its market cap after the pump stood at $187 billion.

Source: TradingView

Over a 24-hour time frame, the price of Bitcoin jumped by more than 8%. Altcoins being closely correlated assets subsequently pumped as well. The second-largest cryptocurrency, Ethereum, pumped by 9% at the same time as when Bitcoin saw its rise. However, over a 24-hour time frame, it pumped by 4%.

XRP is probably the only cryptocurrency that has performed badly when compared to other altcoins, especially the RoI since the start of 2019. The price of XRP dipped to as low as $0.29 and was trading at $0.32, at press time. In fact, XRP was one of the few coins to trade below its December 2018 lows a few days ago.

Litecoin, whose halving is approaching quickly, pumped by 12% in 1 hour and a total of 34.27% in 28 hours. However, it has started its correction and fell by 6% from its former high. Litecoin was trading at $100, at press time, and the coin had a market cap of $6.28 billion.

Stellar Lumens and Tron also recorded significant surges over a 24-hour time frame, rising by 7% and 8%, respectively. At the same time as when Bitcoin pumped, XLM recorded a pump of 14% while, TRX surged by 10%.

Altcoins get much-needed respite after Bitcoin surges by 12% in an hour

cryptohero8
I am a believer of the HODL philosophy because we are still in the nascent stage of blockchain technology. Although we are in a bear market now, my outlook on the adoption and growth of blockchain solutions remains unchanged. Blockchain transactions has been growing exponentially and demand for cryptocurrency like Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC] and other Altcoins will only continue to grow exponentially in the next five to ten years.

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