Bitcoin over $19,000 lets Ethereum
Bitcoin over $19,000 lets Ethereum, Ripples XRP and Altcoins plunge into the depths – what’s next?
The price of Bitcoin exceeded $19,000 on November 24 and reached $19,299 at Binance. As BTC recovered, the major alternative crypto currencies – including Ethereum and Ripples XRP – fell sharply.
It remains to be seen whether the trend of profits from Altcoins by Bitcoin Era, which are included in Bitcoin, will continue in the near future. One variable, however, could prevent a broader downturn in the Altcoin market – and that is resistance at $20,000.
How Ethereum and Ripples XRP could rise again in the near future
Bitcoin has passed the $19,000 mark and is now approaching an all-time high of nearly $20,000.
However, until the $20,000 mark is broken, it serves as an important resistance zone. So this could mean that a price range between $19,000 and $20,000 is forming.
If Bitcoin shows signs of consolidation between the two levels, this could help Altcoins to recover. Ethereum and Ripple’s XRP fell rapidly when BTC started to rise, but have since recovered.
Ripples XRP, for example, fell from $0.72 to $0.567, recording a 20% decline within a few hours. Although Ethereum experienced a smaller retreat, it experienced a similar price movement.
Ethereum declined 5% as Bitcoin began its journey towards $19,000 during the same period as XRP.
Ripples XRP experienced a sharp decline during the day due to its extreme volatility. While XRP peaked below $0.8 in Binance, the token reached $0.9 in Coinbase, causing a veritable rush around the crypto currency and even temporarily causing Coinbase to fail.
After the withdrawal of the old coin market, the probability of a short-term recovery is higher than a continued correction.
In the short term, the $20,000 mark remains a critical resistance level for Bitcoin. Therefore, the probability of a recovery of the Altcoin market remains high as long as BTC does not reach a new all-time high.
If BTC breaches the $20,000 mark, there is a high probability that it will absorb most of the volume in the crypto-currency market. Should this happen, the momentum of the Altcoin market could slow down in the short term.