Over the past week, the entire cryptocurrency market has seen a progressive recovery following the latest upsurge in trading volume and the market cap.
Bitcoin (BTC) has stayed strong over the last several days, despite being projected by some analysts to form new yearly lows at the weekend due to coronavirus uncertainties.
After a week of barely clinging onto the $5,000s, things are slowly gaining momentum for the world’s first and most popular cryptocurrency. Over the past 24 hours, Bitcoin has slowly crept its way up beyond the resistance at $6,100.
It’s just a matter of time now until we figure out whether this rally has enough firepower to sustain itself. But, one this is certain — Bitcoin is showing way more resilience compared to most conventional assets that have so far shown zero sign of hitting bottom.
On that optimistic note, let’s quickly go through the major new developments that transpired in the week ending March 20, 2020.
Return of Bitcoin’s Bullish Price Prediction
Bitcoin’s scary flash crash last Thursday will forever remain a blot in its history. However, as the initial shock and pain now slowly subsides, the king cryptocurrency seems keen on bouncing back with a powerful rally.
With a nearly 20% gain over the past 24 hours, the BTC price is currently at $6,669.03 at the time of writing.
A break above the $5,800 level as we approach the normally low-volume weekend will be vital for BTC if it is to continue rallying till the May 2020 halving.
Nonetheless, rejection from this level could potentially prompt a test of last Thursday’s catastrophic low of $3,600, which would in itself come together with increased dread and panic from investors worldwide.
Dogecoin Advances Bullish Momentum
From the beginning of this month, Dogecoin has been trading under a regressive trend with in-between spikes.
However, Dogecoin opened the day at $0.001629, and over the next 13 hours, the price got spiked by 8.89% and touched $0.001774. Over the next 4 hours, DOGE price escalated by 13.17%, and it reached the highest point of the day at $0.001887.
Eventually, it surged a little more and is trading at $0.001928 at press time.
Ripple Price Signals Breakout To $0.175
Ripple’s price bullish action on Thursday was just but the beginning of an extended recovery with the bull’s eye at $0.25. Recovery from last week’s dip to $0.10 stalled in a narrow range between $0.14 and $0.15 for several days.
However, extensive bullish pressure on March 19 saw the bulls take on the resistance at $0.160. XRP/USD is trading at $0.1715 at the time of writing.
Ethereum Price Rally Facing Hurdles
Ethereum (ETH) gained strength above the $125 resistance in this week’s trading, with its price breaking a key hurdle near the $130 mark to kick start a solid rally.
Moreover, there was a close above the $135 level and the 100 hourly simple moving average. The price then surged to reach at a new weekly high at $144, where the bears started to emerge.
Ethereum is currently correcting higher from the $143 swing high and is trading at $148.02 at the time of writing.
Other Top Performers
The price of Bitcoin SV (BSV) has skyrocketed by more than 40% this week, with the controversial fork currently changing hands at $171. Despite paring some of its gains, BSV still greatly outperforms every single altcoin in the top 10.
Similarly, the price of Tezos has seen a substantial increase of more than 22% over the past 24-hours. After starting its recovery from $1.2 (a weekly low), XTZ is now showing strength around $1.78 against the US Dollar, with the crypto trading at $1.811 at the time of writing.
Finally, Dash (DASH) is the growth leader of top-20 altcoins with gains of over 23% in the recent 24 hours of trading. At the time of writing, DASH is trading at a remarkable price of $70.11, off the latest high hit at the $62.0 level.
Since last week’s disastrous 50% correction, BTC price has recovered by an impressive 40% in the course of just over a week. Investors and analysts will now be on the lookout to examine if the previous levels of resistance at $5,500 and $6,300 will provide some much-needed support in the near future.
The fact that BTC was able to surpass the $6,000 support convincingly made many altcoins rally even harder, with Dash and XTZ among the best-performing cryptos this week with gains of more than 22%.