Crypto-Market Update: Bitcoin (BTC) Recovers But Altcoins XRP, XLM, and XMR Test Support Levels

Crypto-Market Update: Bitcoin (BTC) Recovers But Altcoins XRP, XLM, and XMR Test Support Levels

Bitcoin continued to build support above $5250 over the weekend after incurring losses due to the Bitfinex Vs. New York AG court proceedings revelation. The bulls seemed to have increased the buying pressure tremendously about the $5000 mark.

However, the altcoins haven’t seemed to recover from the sudden price drop and have continued to trade lower on a weekly scale.

BTCUSD
BTC/USD 1-week Chart on Coinbase (TradingView)

The price of Bitcoin at 4: 30 UTC on 26th April is $5295. It is trading 0.5% higher on a daily scale and at par on a weekly scale as well. This is the third continual week when Bitcoin maintained its price above the $5150 mark on an average.

Also Read: Bitcoin Weekly Forecast: The Tag of War Between the Bears and The Bulls Carries On

Litecoin [LTC] and Bitcoin Cash [BCH]

Bitcoin Cash [BCH] broke below the $300 mark on 11th April after gaining over 120% since the beginning of the year at $330. However, it is testing the $250 as support.

Bitcoin Cash
BCH/BTC 1-Day Chart on Coinbase (TradingView)

The price of Bitcoin Cash [BCH] at 4: 00 hours on 29th April 2019 $254. It is trading 3.54% lower on a daily scale.

Litecoin [LTC] broke below the key support level at $78 dollars. The price of Litecoin [LTC] at 4: 00 hours on 29th April 2019 $68.11. It is trading 2.67% lower on a daily scale.

LTCUSD
LTC/USD 1-Day Chart on Coinbase (TradingView)

XRP and Stellar (XLM)

XRP and Stellar are also testing key support levels. The number of stablecoins and speculations of company-specific coins like Samsung, Facebook and even existing cryptocurrencies like Binance has aimed to foster the development using their platform itself.

The price of XRP is trading below the $0.3 level. The price of XRP  at 4: 00 hours on 29th April 2019 $0.297. It is trading at par on a daily scale.

Peter Brandt, a leading chart analyst tweeted an analysis of XRP suggesting it is at “do or die point,

XRPUSD
XRP/USD Chart Analysis (Peter L. Brandt)

Stellar (XLM) is also trading below the $0.1. Monero (XMR) is also testing the support level at $60. The price of Monero (XMR) at 4: 30 Hours UTC on 29th April is $61.3. It is trading 2.59% lower on a daily scale.

While Tron (TRX) and EOS traded at par with the price from the past day, they are trading 6% and 10% lower respectively on a weekly scale. Tezos (XTZ) and Basic Attention Token (BAT), two of the biggest gainers of the month, traded at $1.18 and $0.398 respectively.  IOTA gained more than 10% on a daily over its new partnership with British Car Manufacturer, Jaguar Land Rover.

Altcoins
Total Market Capitalization of Altcoins Excluding Bitcoin (Coinmarketcap)

As the total market capitalization of the cryptocurrency market is still around $170 billion, the dominance of Bitcoin [BTC] has been on the rise since the second week of April. The dominance of Bitcoin over the cryptocurrency markets is currently 54.5%. While Bitcoin recovered from the sudden move on 26th April on Bitfinex hysteria, altcoins have continued to trade in below $80 billion.

Do you think that altcoins will continue to lose or a revival is on the horizon? Please share your views with us. 

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Crypto-Market Update: Bitcoin (BTC) Recovers But Altcoins XRP, XLM, and XMR Enters Critical Point
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Crypto-Market Update: Bitcoin (BTC) Recovers But Altcoins XRP, XLM, and XMR Enters Critical Point
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Bitcoin continues to build support above $5250 over the weekend after incurring losses due to the Bitfinex Vs. New York AG court proceedings revelation. The bulls seemed to have increased the buying pressure tremendously about the $5000 mark. However, the altcoins haven't seemed to recover from the sudden price drop and have continued to trade lower on a weekly scale. 
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Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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Nivesh Rustgi 717 Articles

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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