Altcoins Surge Against Bitcoin After Several Months In A Bear Trend
Most of the altcoins in the market are registering moderate to large gains while Bitcoin fell 1.2% in the last 24 hours. This price increase in altcoins comes after several months in which altcoins lost a large part of their value in BTC terms.
Did Altcoins Find Their Bottom?
All top 10 altcoins have registered gains in the last 24 hours according to ConiMarketCap. The fastest-growing digital assets are EOS with a 7.72% increase, Litecoin (LTC), that grew 5% and Ethereum (ETH) which expanding 3.19%.
This comes after a third-quarter in which Bitcoin’s market dominance moved above 70% for the first time since early 2017. Meanwhile, altcoins fell to their lowest point since December 2017, when Bitcoin was reaching its all-time high.
Both EOS and Litecoin are registering the largest gains among the top 10. EOS has reached its lowest point in BTC terms since December 2017. At that time, EOS was just surging as a new digital asset in the crypto ecosystem with a totally revolutionizing governance system not seen in any crypto before.
At the same time, Litecoin reached a few days ago, the lowest point since March 2017, which is even more bearish than in EOS. Nevertheless, Litecoin has very clear trends that tend to be explosive. As the virtual currency started to fall in June without an intermediate stop, it has also experienced bullish periods in which it could double its price in a matter of months.
Ethereum, that has also reached its lowest point since early 2017, could start moving away from the current bear market against BTC. Since September 2018, Ethereum couldn’t move away from the 0.04 BTC barrier.
XRP, one of the oldest digital assets in the market has also been in a bear trend in terms of BTC. This is why it would be very important for it to move away from the current levels and keep growing against BTC. XRP reached its lowest BTC price since December 2017.
The cryptocurrency analyst and altcoin supporter DonAlt, said that if XRP starts closing back above $0.30 this could be very positive for the digital currency.
If $XRP starts closing back above $.30 you better be buying.
— DonAlt (@CryptoDonAlt) September 7, 2019
According to CoinMarketCap, Ethereum has a price of $179 and a market cap of $19.31 billion, followed by XRP with a price per coin of $0.2617 and a valuation of $11.25 billion. Bitcoin Cash, the fourth largest crypto is being traded around $300 and it has a capitalization of $5.42 billion.