The cryptocurrency market has a positive day in terms of price reaction. Bitcoin [BTC] which was looking to break bearish levels $9000. However, it has bounced back above as the confidence in Bitcoin continues to grow.
The rise can be attributed to Libra once again. Ever since its release, it has been a win for Bitcoin. The US Senate Hearing yesterday heard from experts on Bitcoin and Libra. All the panelist including innovators in the cryptocurrency space, lawyers, economics, and Professors were against Libra and for Bitcoin.
Even other US Senators expressed positive views on cryptocurrency and blockchain innovation, especially Bitcoin [BTC]. Congressman, Patrick McHenry concluded in his remarks,
“Due to the nature of the technology of Bitcoin, Governments cannot kill it, nor should they and you can’t kill digital currencies broadly.”
The revival of Bitcoin from bearish pressures has also fueled the rise in altcoins. The altcoins were falling at an alarming rate since the past couple of weeks.
Ethereum [ETH], Litecoin [LTC] and Bitcoin [BCH] Cash
Recently, Ethereum which tested the $200 support level and was looking to break lower. However, as Bitcoin reversed its trend, Ether too gained around 10% to trade around $220.
Litecoin was one of the highest gainers of the day as it gained more than 16% on the daily scale. It rose back above $90 after testing lows near $78. Bitcoin Cash [BCH] also tested resistance at $300.
XRP Drops Back to $0.3 Range
XRP laid the hopes down of numerous investors all over the world last week. It price touched a low near $0.284. This is essentially the low during the bear market which XRP held for more than two months at the beginning of the year.
Nevertheless, the bounce in Bitcoin has revived also positively affected the altcoins sentiments. The price of XRP at 7: 20 hours UTC on 18th July 2019 is $0.314.
Bitcoin’s dominance has increased by more than 15% since the beginning of the year. The total dominance of Bitcoin over the cryptocurrency market also saw a slight revival below 65.5%.
Some of the other altcoins like Binance [BNB] Coin, Chainlink, Tron [TRX] and NEO also gained in double digits. Hence, while trend reversal in one the cards for altcoins, traders must be wary of a dead cat bounce.
Do you think the bull season in cryptocurrency is back? Please share your views with us.
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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