Altcoins Outperform Bitcoin, BCH and ETC Surges Higher
- Bitcoin is down 0.7% to USD 8,200 and is holding the USD 8,000 support.
- E-coin jumped more than 2000% to trade from USD 2.60 to well above USD 50.00.
- Bitcoin cash continues to gain upside momentum with bullish moves above USD 1,200.
Bitcoin mostly traded in a range during the past two sessions, but a few altcoins such as bitcoin cash, E-coin, Ethereum classic, bitcoin gold and Qtum gained heavy bullish momentum and traded higher.
After yesterday’s upside move, bitcoin traded in a tiny range around the USD 8,000 level, but with mainly bullish price action. There was a minor downside correction, but the USD 7,800 support held the downside.
BTC/USD has to move above the USD 8,400 and 8,500 resistance levels to gain upside traction and challenge the next major resistance at USD 9,000. Above USD 9,000, the price is likely to retest the USD 10,000 level.
The second largest cryptocurrency, Ethereum traded down by 0.58% to USD 823. Similar to BTC/USD, ETH/USD corrected lower, but downsides were limited. The pair is back above USD 800 and it must surpass USD 850 to continue moving higher.
The best performer among the top three cryptocurrencies was Ripple since it climbed by 4.5% to trade above USD 0.8000. It is showing a lot of bullish signs and it could continue to move higher towards USD 1.00 in the near term.
Altcoins Market Today
E-coin jumped by more than 2000% and traded above the USD 50.00 level. It corrected lower towards USD 30.00, but later is bounced back to challenge USD 60.00.
The second best performer was RChain, moving up by 32% to USD 1.90, followed by Qtum. QTUM surged by 25% to trade above the USD 28.00 resistance. It may perhaps continue to move higher and trade above the USD 30.00 resistance.
NEM was down today by 7.5% and it tested the USD 0.5000 support. Golem and Zilliqa were among the worst performers, down by 8.5% and 9.5% respectively.
Overall, the cryptocurrencies market remains in the green, with chances of further gains during the coming sessions.