The recovery phase for cryptocurrencies is imminent. While Bitcoin managed to hold its ground above the 40K price level, many altcoins started to increase again in prices. This past week was a green one for cryptocurrencies. On the other hand, not all cryptos increased by the same percentage. Some altcoins barely recovered, while others soared higher and made double-digit performances. Is it still relevant to Buy Bitcoin while other Altcoins made higher gains? Let’s see what is currently happening in the crypto market.
The Crypto Market is Recovering
If we look at the overall market capitalization of cryptocurrencies, we can clearly see a green candle for the past 7 days. This candle happens to occur on the USD 2 Trillion valuation, and at the same time on the average uptrend line. This small retracement was bound to happen, as the downtrend has been happening since November 2021. The selling pressure seems to have slowed down.
We cannot confirm yet the end of the downtrend, but we can confirm a slight reversal. If prices manage to remain above this average uptrend, there is a high chance that the crypto market will continue upwards around February 2022.
Altcoins are SHOOTING HIGH
When people talk about “Altcoin Season”, they often refer to the fact that Altcoins are increasing at a higher pace than BItcoin. Earlier in the crypto days, Bitcoin was the leading cryptocurrency and moved the entire market with its price-action. Today, on the other hand, that is not the case anymore. While it is true that Bitcoin still has a big effect on the crypto market trend, some Altcoins seem to have detached from the Bitcoin chain.
The Bitcoin dominance has dropped in this past week to 39.5%. This comes at a time where Bitcoin’s price barely increased in the past week, while altcoins such as ADA, LUNA, and DOGE increased respectively by 18%, 20%, and 21%. Looking at the crypto market cap excluding BTC shows a bigger performance of almost 17%, compared to only 15% when taking BTC into account. This proves that adding BTC to the equation made the overall crypto market drag lower.
Can Bitcoin Price Recover higher Soon?
Bitcoin prices reached a very strong support price area. The 40K level is not only a strong psychological price, but this is also where big companies entered the crypto market and purchased Bitcoins. There will be a strong resistance to falling prices around this price.
In order to confirm a trend reversal, we need to see Bitcoin price recover higher than the 50K psychological price. In fact, this is also where the Fibonacci retracement level of 38.2% coincides. Once we see BTC prices above 50K, not only will the entire crypto market boost along, but the trend will turn and start a new uptrend in 2022.
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The Crypto Market at a Glance
In the past week, most cryptocurrencies seem to have slightly recovered, with the exception of a few outliers from both ends. Here is an updated list of the top 10 cryptocurrencies by market cap:
1- Bitcoin (BTC) : + 2.80%
2- Ether (ETH) : + 5.99 %
3- Binance Coin (BNB): + 13.85 % (surpassing USDT)
4- Tether (USDT) : 0 %
5- Solana (SOL) : + 5.61 %
6- Cardano (ADA) : + 19.13 % (surpassing USDC)
7- USD Coin (USDC) : + 0 %
8- Ripple (XRP) : + 3.74 %
9- Terra (LUNA) : + 18.62 %
10- Polkadot (DOT): + 13.24 %
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