The price of BTC at 3: 30 hours UTC on 21st October 2019 is $8222. It is trading 3.5% higher on a daily scale. The break above the support at $8000 and the fact that it did not trigger $7715 lows, brings positive news for the bulls.
Price action on Monday will be instrumental for swing traders expecting a big move. The price could likely continue in a sideways trend as well.
The bullish turned the entire crypto market green. Bitcoin Cash [BTC], Bitcoin SV, Chainlink [LINK] and Cosmos [ATOM] gained above 5% on a daily scale.
Basic Attention Token [BAT] led the market gains with a 8.2% rise. Price broke above $0.22 recording a high of $0.226 and above 0.00002750 w.r.t. BTC.
The crypto utility token for privacy-focused Brave browsed recently reached the 8 million monthly users milestone. Reportedly, it has more than 2 million daily active users on its browser. Although, the users on chrome are in billions.
Nevertheless, the browser is on a steep growth path with increasing partnerships and providing ads rewards to users directly. It also improves the browsing speed by limiting the data for ads.
However, the cryptocurrency market especially altcoins have witnessed tremendous selling pressures in the last quarter. Hence, a rise of even 10% doesn’t account for the losses in June and July as Bitcoin dominance increased above 70%. BAT has lost more than 50% from its’ high at $0.5 in April 2019.
The situation is similar with other altcoins as well. Ethereum is currently trading 51.6% lower from its yearly highs. While a buy at these levels seems lucrative, the risk in altcoins investment is still large. Currently, the dominance of Bitcoin over the cryptocurrency market is 66.6%.
Do you think that the crypto market will ever see astronomical gains in altcoins again? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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