April 24, 2020

Bitcoin Price May Rise To $8,000, Altcoins Also Go Up

To strengthen the cryptocurrency market, favorable conditions have now developed. While the oil industry is experiencing a peak of uncertainty, Bitcoin is feeling quite confident. The anti-record fall in the price of “black gold” was a powerful blow for futures owners. Also, a wave of increasing panic has affected traditional markets.

Today, the market capitalization of cryptocurrency is 216 billion dollars. Also, trading activity on exchanges remains stably high. The total trading amount increased by $4 billion.

Bitcoin price rises

Today’s BTC price is $7,534. During the day, the Bitcoin rate increased by 0.55%. The flagship cryptocurrency has been steadily in a bullish trend over the past few weeks. The highest point of the Bitcoin price rebound was $7,700. But the price could not gain a foothold at this level and dropped to $7,500. This level of support is very optimistic and demonstrates the predominance of bulls. Analysts believe that the price of Bitcoin before the end of April may reach $8,000.

Ethereum tests top support level

ETH is also showing market increase. The price of Ethereum rose to $191 last week amid a bullish trend. Soon, the price dropped to a support level of $170. At the time of writing, the price of Ethereum is $188. Analysts predict a phased increase in the price of ETH: now the main task for the token is to overcome the key resistance barrier of $190.

XRP price adjustment

Also, price updates affected the Ripple XRP cryptocurrency. Against the background of a general increase in bullish impulses in the cryptocurrency market, the price of XRP rose 1.35% to $0.19. But unlike Ethereum, XRP was unable to bounce up from a given level of support and gain a foothold above $0.20. Despite the fact that cryptocurrency volatility is falling, many analysts are sure that while XRP is not ready to stay at the $0.19 milestone. At the time of writing, XRP is trading at $0.1954. Nevertheless, some analysts see the formation of an uptrend line in the market behavior of XRP.

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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