Home / Cryptocurrency / Cryptocurrencies Rally as Bitcoin moves above $ 4,000 for the first time since the collapse

Cryptocurrencies Rally as Bitcoin moves above $ 4,000 for the first time since the collapse

The cryptocurrency markets have reorganized, stopping their continued decline and probably setting recent lows as a fund. Despite this, a fund will be validated only on the basis that the markets, and in particular Bitcoin, can support their current long-term rally.

At the time of writing this article, Bitcoin earned 13% at the current price of $ 4,200, significantly surpassing most major altcoin. Bitcoin seems to have established $ 3,600 as a temporary fund, as this price level has had support on several occasions since it was first tested on November 25th.

Before Bitcoin dropped to its low of 2018 to $ 3,600 at the start of this week, it established the region of $ 4,200 as a support level it could not contain, so traders should see if BTC is able to definitely exceed this level, or if you need to buy more volumes to increase the price of Bitcoin.

Alexander Kuptsikevich, a market analyst at FX Pro Insights, recently told MarketWatch about the recent Bitcoin pricing action, explaining that the way Bitcoin responds to the region at $ 3,500 now and in the future is an important sign, especially considering that region is where Bitcoin started to soar in September 2017.

"It is worth paying attention to market behavior close to $ 3,500. This is an area that has seen a drastic increase in September 2017, so the technical analysis drives us to monitor price dynamics close to these levels, "he said.

Related reading: The SEC Commissioner is not ready to approve the Bitcoin ETF, Fester of concerns

Altcoins Pump, Many Underperform Bitcoin

The incredibly positive performance of Bitcoin this morning led to the general markets of cryptocurrency to rise, with most of the altcoin having raised more than 10%, while Bitcoin, generally poorly performing, is currently up 13%.

At the time of writing this article, XRP earned 10.6% at the current price of $ 0.385, up from the recent lows of $ 0.32. The XRP is still well above its 2018 lows of $ 0.24, and this is probably due to the ongoing adoption of the real world of cryptocurrency through products such as Ripple's xRapid settlement system and Coil's internet-based rewards program.

Ethereum has seen relatively large gains today and is currently trading more than 12% at the current price of $ 118 and is currently up 18% from the 2018 low of just under $ 100. Many analysts have speculated that the recent collapse of Ethereum prices have been perpetuated by ICO projects that have sold their ETH, although there is little conclusive evidence to support this claim.

Litecoin (LTC) is one of today's best performing cryptocurrencies and currently trades over 16% at the current price of $ 34.30, up from the recent 2018 low of $ 27.

If this rise is sustained or not in the long run, it will probably signal whether markets have set a minimum at recent lows. If the markets continue their fall in the days to come, $ 3,600 will likely serve as an important first level of support for Bitcoin.

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