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In the past recent days, bitcoin has experienced what we can tag to be ‘Olympus fall’. The price of bitcoin has bounced off a recent low of $7,300 USD in recent days, with prices hovering testing resistance at $9,000 as of this writing.
More interesting is how the majority of altcoin markets have bounced alongside BTC, indicating that the cryptocurrency markets still remain correlated to bitcoin.
Bitcoin Bounces With Strength. The price of bitcoin has gained approximately 20% since bouncing off the $7,300 area four days ago. Bulls are currently testing resistance at the $9,000 area.
Altcoin Markets Remain Heavily Correlated to BTC. In recent days, Ethereum has recovered by 25%, after establishing a long-term descending trend-line and bouncing off a new low for 2018 of approximately $450. Ethereum’s crash down to $450 comprised a full retrace of the gains made by ETH since November last year.
Ripple has also gained approximately 25% since establishing a new low for 2018, following XRP’s bounce off a local low of approximately $0.50 several days ago. Stellar produced among the strongest of the recent bounces – gaining almost 70% since making a full retrace down to the $0.16 area.
Unlike many other altcoins, Litecoin managed to avoid establishing a new low for the year in recent days – with LTC bouncing off support at the $140 area.
Do you see bitcoin surviving this struggle of trying to maintain the 9,000 mark? Drop your comments below and subscribe to our newsletter for more latest crypto news.