Bitcoin was consolidating above $18,500 for the past couple of days and a market pullback was on the cards, however, bitcoin today soared past the $19,000 mark for the first time in three years. The current bullish burst is being attributed to PayPal CEO’s bullish comment on Bitcoin and their plans to allow cryptocurrency as a funding source for any transaction on its platform in the coming days.
Bitcoin is just one rally away from breaking its all-time-high if it continues to move with similar momentum. The top cryptocurrency is currently trading at $18,959 with 13.31% gains over the past week.
Bitcoin’s market dominance was on a continuous slide for the past couple of days after breaking a key support level of 67, the dominance finally showed signs of revival today after a $500 price rally and rose to 63.30 after gaining 0.80% over the past 24 hours.
Altcoins Face Their First Huddle
Bitcoin’s recovering dominance led to a pause in the ongoing bullish rally for altcoins where XRP almost tripled its price in three days run and Stellar almost followed XRP in its bullish quest registering almost similar gains to that of XRP. ETH was roaring at a yearly high of $621 after breaching the key resistance of $500.
The price correction has brought down ETH to $600 from a daily high of $620, XRP was trading at $0.61 falling from the daily high of $0.76. XLM which followed XRP in its mammoth bullish rally also registered a similar decline falling to $0.154 from a daily high of $0.186. Most altcoins have lost a significant chunk of their gains during the ongoing corrections, however, they remained in the green despite the price fall.
Bitcoin could maintain and carry the building dominance to move its 2017 all-time-high and some analysts believe the king coin can easily sail across $20,000 price by the end of the day.
$20,000 EOD 🚀
— The Moon 🌙 (@TheMoonCarl) November 24, 2020
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An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.