Bitcoin (BTC) defies resistance, litecoin (LTC) keeps rising

As could be read earlier, the bitcoin (BTC) rate has arrived again at $ 8,000. Initially, the rate bounced off this resistance level, but it remained close to $ 8,000 in the following hours. Right now the bulls are trying again to get bitcoin above this level.

At the time of writing, the price of bitcoin (BTC) is $ 8,005 on CoinMarketCap after rising 2.42% in the last 24 hours. The bitcoin dominance has remained the same at 55.3% now that the altcoins also show green figures.

Bitcoin has been trading in a small range for eight days in a row. It has fallen barely lower from $ 7,500 in recent times, but did not rise higher than the $ 8,100. There seems to be no clear direction, with the 50, 100 and 200- hourly moving average (MA) lines almost horizontal. Altcoins such as ethereum (ETH) , Ripple’s XRP and bitcoin cash (BCH) also seem to have no clear direction.

Persuasively breaking the resistance range between $ 8,000 and $ 8,100 is crucial for bitcoin to be able to increase in value in the short term. In the longer term, it is still true that many analysts expect a further downward correction.

Litecoin (LTC) is unstoppable

The biggest climber in the top 10 cryptocurrencies based on market capitalization is again litecoin (LTC) . At the moment, the altcoin is worth $ 138.36 according to CoinMarketCap after having increased in value by almost 8.62%.

Litecoin has been rising gradually since the beginning of this year and is one of the most successful cryptocurrencies of the moment. At the start of this year you only paid $ 30 for 1 LTC, so now it’s $ 138.36. This amounts to an increase of no less than 363%. Litecoin increased by 38% last week.

A possible explanation for the particularly good performance of LTC is the upcoming halving. This means that the rewards for miners are halved, which means that the import of new litecoins is also halved. If demand remains the same, this logically implies an increase in litecoin’s value.

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

Be the first to comment

Leave a Reply

Your email address will not be published.