The leading and most valuable cryptocurrency, BTC has had its share of ups and downs like every other digital asset. Still, the most interesting part of its challenges is that the indigenous cryptocurrency will always bounce back. Barely two days ago, BTC traded a bit below $17,500 and as of writing today has moved up to at least $19,200. Its success is not shared alone as many altcoins except spark(FLR) have also been on the rise.
BTC continue to witness price fluctuations, as soon as its price briefly dropped below $17,700, it started to rebound quickly, reclaiming $18,000 mark within three hours yesterday. Analysts have warned the situation with Bitcoin volatility could not be relied upon despite its price gains in barely 48hours. In a report by Crypto Analytics firm, Santimen, the company’s data shows that panic selling could be a factor associated with the prices as most traders moved their funds to exchanges in a bid to trade their assets.
Bitcoin on the rise and altcoins are following suit
The leading cryptocurrency which has seen a price surge of about $1,300 in 2days is ensuring that it is not moving up alone; it is currently pulling many altcoins with it. The altcoins which have had their worst run recently had started their recovery process. Ethereum has gained about 3% in value in last 24hours, a move propelling the altcoin to about $579.
Ethereum since the launch of its new network Ethereum 2.0, has witnessed a massive attraction from investors which had seen its market cap go astronomically high. Analysts expect the crypto giant to hit $600 soon amidst the influx to its network. Bitcoin cash has also seen a 1.7% gain. Binance coin with a 2.4% gain. Chainlink with about 1.3% gain. Polkadot with also about 1.5% gain. Lastly, the third-largest cryptocurrency after Bitcoin and XRP, Litecoin was also not left behind after it seen its price move about 3.5% in the last 24hours.
Some altcoins are spiralling downward
The rise of Bitcoin in the last 48hours with some altcoins the following suit cannot be said for all altcoins. Despite the decent gains by altcoins, XRP continues to struggle around the $0.5 mark. The drop could be attributed to the Spark (FLR) airdrop snapshot took place on December 12th, 2020. Leo and Theta are also not left behind, as analysts have confirmed that the 48hours surge did not have any positive effect on the altcoins.
Analysts are optimistic that the most valuable cryptocurrency will hit the projected $20,000 mark before the end of 2020 despite its recent price volatility. The future of other altcoins too might rely on the performance of BTC, as the crypto-giant seems to always have an after-effect on them, according to an analyst. It is also worthy to note that the recent spike in price has seen the gross cryptocurrency market capitalization hit $560 billion, an 8% increase from last Friday.