Crypto Market Analysis: Bitcoin, Ethereum and Altcoins Outlook - April 20, 2018
Apr 20, 2018, 11:44AM
An overview of the developments in the cryptocurrency market going into Tuesday, April 20th. Bitcoin, Ethereum and the altcoins all post gains.
The cryptocurrency market is making a healthy recovery, surging to a total market size of $365 billion with Bitcoin dominance falling below 40% for the first time in months. Across the board, the top 10 cryptos are flashing green, but the best performer is Ripple - up around 20% on news of a new app with Santander bank.
Bitcoin
Bitcoin dominance is declining (currently 38% of the market) as it struggles to keep up with the massive altcoin rally. The asset has started to gain ground after its surprise breakout on April 12 and stays steady at the $8,400 level. The bear market is officially over.
Bitcoin Cash is sustaining a much stronger rally, up by around 13% to breach psychological resistance at $1,000 and gain a market cap of $17.15 billion.
Ethereum & the Altcoins
Ethereum and the altcoins have also broken out of the bearish technical pattern and are poised for a strong rally. The asset broke through major resistance at $535-$540 and bullish support has formed at $560 - a break above $600 is expected.
Ripple
Ripple is the best performing out of the top ten cryptocurrencies - up 20% in the last 24 hours. This latest move is part of a 7-day rally that has taken the asset's market cap from around $25 billion to over $30 billion. The positive momentum comes from developments in the team's partnership with Santander bank.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
Advertising
