Volatility Shakes the Crypto Market As Bitcoin’s Record Rise Stirs Altcoins
The cryptocurrency market is showing volatility as the crypto sphere roiled when BTC, the crypto market flagship digital currency, surpassed $ 20,000, setting a new record.
The crypto market is still surrounded by volatility
According to CoinMarketCap, with the growth of BTC, which in the last 24 hours was 16.97% with the price of $ 23,060 at the time of writing, ETH, XRP, LTC, BCH, other alts are recording huge daily profits
According to an earlier analysis by experts, the entire crypto market was in a bearish zone at the beginning of the week, but the gains accumulated over the past 24 are helping to correct the losses seen so far.
Of the allocated coins, Ripple (XRP) is showing the highest daily growth — about 22.1% at the time of writing. XRP is now trading at $ 0.59 with ambitions to soar even higher.
XRP is followed by Litecoin (LTC) on the daily growth trend, the price of which rose sharply by 14.68% to $109.10. Unlike Ripple, which is trying to correct the losses of past days, litecoin complements the recent bullish rise. LTC is up by 132% year-on-year, and by 52.49% in the last seven days.
Bitcoin Cash (BCH) has also posted an impressive daily gain of 8.19% to $ 320.35, and it still maintains its position as the sixth-largest digital currency by market capitalization.
Ethereum (ETH) has been lagging behind the rally recently as the asset still has a long way to go to reach a new historical high.
Ethereum held the key resistance level of $ 620, and even rose above 635. The strong growth of ETH continued and rose above $ 660, but the cryptocurrency has undergone a small correction, and is now trading below $ 650.
The supply of Ethereum on exchanges has remained low even during the recent crypto rally. This could be an indicator that altcoins are potentially making bullish gains themselves.
CME Group recently announced that they will launch Ethereum futures in February 2021. Currently, according to the official announcement, Ethereum futures are under review by regulators, and once approved, they will be settled in cash.
The possibility of the BTC rebound is too high
Meanwhile, Bitcoin’s supply is slowly recovering after it pulled back heavily from exchanges last week. This can often indicate that the alts are foreshadowing that they will make their own run. However, Bitcoin has the possibility of correction, and this can lead to a fall in the entire cryptocurrency market.
Despite the impressive growth seen over the past 24 hours, only the BTC managed to break its own record, as other coins have yet to pass their personal record highs.
With its increase, the BTC has led to very high volatility in the crypto market, as sellers struggle to lower the price. With about 100% profit with a new price spike, many hodlers are trying to sell off their profits, which is reflected in the random adjustments seen everywhere.