Bitcoin and Altcoins Rebound as BTC Price Reaches Above $18,000

cryptocurrencies

After the addition of $1,000 over the day, Bitcoin’s price value has once again reached above $18,000. Following the top digital asset, other cryptocurrencies have also shown impressive growth in the last 48-hours.

After standing in the region between $16,000 and $17,000 for some days, it has become successful in reclaiming $18,000. In a day, the crypto markets see an injection of $30 billion to total market capitalization.

After making an upward move up to $19,400, Bitcoin then went down after shredding an estimated value of $3000. But it did not go below it and consolidated at around $17,000. However, it witnessed low levels such as $16,200 on many cryptocurrency exchanges but did not survive there for a brief period of time.

After a downfall of 16% earlier this week, the bullish sentiments remained prevalent in the cryptocurrency markets. As reported by on-chain analytics firm Santiment, sentiments for the leading asset are bullish.  “This is only the 4th time since 2017 that BTC sentiment has stayed this positive,” it said.

The immediate resistance level for Bitcoin is $18,200, which is standing where the ten-day moving average exists. Some analysts are still expecting that it may face another slight drop before witnessing a new high level.

A Bitcoin trader with the name “Crypto Capo” speculated earlier about the standing of the price at $18,000. “Starting to build a hedge position. I don’t want to sell some alts bags because the entry was very good, so hedge is a better option here. Invalidation for the hedge is clear,” he added further.

His prediction for $18k has come true, and now it is moving further upward. The next target for the world’s leading digital asset is to claim $19k.

Altcoins’ Performance

In daily performance, altcoins also seem good as Ethereum and XRP have surged to a significant amount in the daily trading session. Ethereum, the second-largest cryptocurrency by market volume, is up 6.37% over the day, while XRP has surged by 9.18% over the last 24-hours.

Ethereum is facing a resistance at $550, which is resistance or hurdle in the pathway to claim the next immediate position standing at $600.

Over the last two weeks, XRP has performed outstanding, which makes it a top performer of the weak. Currently, it is exchanging hands at $0.61 after an increase of 9.53% over the last 24-hours.