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Crypto-Market Update: Bitcoin Breaks above $5400 As Alts ETH, LTC and XRP Begins to Decouple


Bitcoin broke the $5400 mark on 22nd April 2019. Bitcoin [BTC] which broke $5000 on 2nd April 2019 completed three weeks while maintaining the $5000 as support.

The price of Bitcoin [BTC] at UTC on 23rd April is trading at $5395. The percent dominance of Bitcoin over the cryptocurrency market also increased by more than 1% on a daily scale. Therefore, while the altcoins have been the better performing then Bitcoin since the beginning of the year, Bitcoin [BTC] still seems to be dictating terms of the entire market.

The total market capitalization of the cryptocurrency market is $20 billion short of $200 billion. It broke the $200 billion mark on the downside on November 14th, 2018.

BTC/USD 1-Day Chart on Coinbase (Tradingview)

The ‘Golden Cross’ of the 200-Day Moving Average with the 50-Day Moving average is also coming to realization. The intersection will be a decisive moment for BTC and cryptocurrency markets to finally confirm the bull or move downwards again.

Litecoin [LTC] Decoupled From Bitcoin?

Litecoin [LTC] was trading in the red over the weekend as the price broke below $80 dollar on April 21, 2019. The ‘Golden cross’ on Litecoin occurred on 15th March, the price is trading 37.5% higher since then.

The price of Litecoin [LTC] at 3: 00 Hours UTC on 23rd April is $77.20. It is trading 1,23% higher on a daily scale.

Some analysts have predicted that Litecoin [LTC] might be leading the crypto-markets currently with its gains. B. Biddies a popular cryptocurrency price analyst noted in his tweet that Bitcoin and Ethereum can be expected to follow Litecoin [LTC] into the correction as well.

Also Read: What Happens When Litecoin Mining Block Rewards Halves in August 2019?

Ethereum [ETH], XRP and EOS

Moreover, Ethereum, XRP, and EOS with the majority of the altcoins stayed relatively stable w.r.t. USD. Bitcoin gained more than 2.3% on a daily scale while the gains on altcoins were below 1.2%.

The price of XRP at 3: 00 Hours UTC on 23rd April is $0.328. It is trading 0.81% higher on a daily scale while BTC trades above 2.25%.

XRP is skirting above the 0.00006000 BTC. It has lost more than 20% of the value w.r.t. BTC since the beginning of the month. Hence, the correlation between Bitcoin and XRP seems to be breaking away from the trend as well.

XRP/BTC 1-Day Chart on Binance (TradingView)

The price of Ether [ETH] and EOS at 3: 00 hours UTC on 23rd April is 171.93 and 5.25 respectively. It is trading at about 1.5% and 1.1% higher on a daily scale.

Moreover, the altcoins have also been in the red this morning w.r.t. BTC. The gain on most top altcoins is below 1.5% while BTC is trading higher by 2.25% on a daily scale.

Altcoin/BTC market on Poloniex

Nevertheless, some of the altcoins with greater positive rise included Tezos (XTZ), Zcash (ZEC), and Cardano (ADA). The rise on Cardano’s ADA was most impressive at 9.73%. The price of Cardano’s ADA at 3: 00 Hours UTC on 23rd April is $0.08. Tezos (XTZ) and Zcash rose by 5% and 3% respectively on a daily scale.

As the golden cross comes near realization, which path would Bitcoin take now, Bull or Bear? Please share your analysis with us. 

The post Crypto-Market Update: Bitcoin Breaks above $5400 As Alts ETH, LTC and XRP Begins to Decouple appeared first on Coingape.