Crypto Prices Show Signs Of Recovery After $30 Billion And -13% Drop In The Cryptocurrency Market Crypto Prices Show Signs Of Recovery After $30 Billion And -13% Drop In The Cryptocurrency Market Ethereum gaining ground on the day’s trade could close green. Altcoin market outperforming Bitcoin.
A day after nearly $30 billion and -13% drop in the market capitalization of the entire cryptocurrency market, Thursday’s trade appears to show some evidence of support and even a possible reversal setup. Bitcoin has regained more nearly 7% against the prior trading days move and Ethereum is even showing a positive gain on the day. More importantly, and something overlooked by many, is the performance of the altcoin market during yesterday’s selloff. Ethereum showing green
Above: Ethereum could recover losses.
Ethereum is coming off a very red day yesterday, where it traded as far down as 20%. The open for Ethereum on Thursday was as 179 – directly above a key bullish trendline.
Traders attempted to push Ethereum lower by matching yesterday’s low of 165.33.
This bounce has generated what appears to be a tweezer bottom formation, signaling strong support. The key zone to trade above is to move and remain back above the 1/8th Major Harmonic of 181.38. Volume here is also strong but remains just above 50% of the prior day’s volume. Altcoins outperforming Bitcoin during selloff and recovery
One of the most important moves of the day yesterday in the cryptocurrency markets was the performance of many altcoins against Bitcoin’s performance. During the entirety of 2018, nearly every single selloff move in Bitcoin has been met with a substantial loss in the dollar value of any altcoin – typically double loss.
For instance, when Bitcoin lost 10% of its value yesterday, many altcoins were down greater than 20%. However there were many altcoins that not only remained equal to Bitcoin in its percentage loss, but a great number of altcoins significantly outperformed Bitcoin.
Cryptocurrencies that outperformed Bitcoin
Cardano (ADA) – while Bitcoin closed the day 12% lower, ADA closed lower at a respectable -2.68%.
Basic Attention Token (BAT) – After suffering some massive selling since trading and being listed on Coinbase, BAT closed down with a paltry -1.47% move.
Tron (TRX) – TRX also outperformed the aggregate market by a large margin. At one point it was trading down -6.
69% to close the day at -1.46%.
XEM (NEM) – One of the best performers of the day yesterday was NEM which traded as low as -10.03% on the day until it rallied and closed nearly neutral at 0.41%.
IOTA (IOTA) – an up and comer and one of the ‘Ethereum destroyers”, IOTA also did well yesterday.
After being down as much as -8.5% it finally settled down -3%. While that close is higher than the other cryptocurrencies listed above, it remains just one of many important cryptocurrencies that outperformed Bitcoin during the deep drive lower.
While the market continues to digest the Bitcoin Cash hard-fork and the fallout finally settles, traders should be aware of the behavior of most recent selloff. If a significant number of important altcoins failed to close at lows that equaled or exceeded Bitcoin’s loss, that means there were clear signs of accumulation of these cryptocurrencies during the down drive.
This could be a sign for some fantastic trading opportunities in the near future.
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