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While Bitcoin struggles, altcoins are holding on

Leading cryptocurrency Bitcoin might have taken a plummet in the past week, but the altcoins in the market might be able to rally still.

While Bitcoin might have tumbled below $30,000 USD from a record high of nearly $42,000 USD, the leading cryptocurrency has managed to find its way back up to just over $32,000 USD as MicroStrategy and retail traders took the opportunity to buy the dip.

Despite the quick surge, Bitcoin investors are still cautious after the price dropped so significantly as the cryptocurrency continues to trade sideways. At the time of writing, Bitcoin price is sitting at $32,453.64 USD according to CoinMarketCap, which is very slightly in the red with a less than 1% dip in daily trading. Over the past week, however, Bitcoin has dropped by 10.27% of what it was boasting. Analysts believe this is a short-term correction and the cryptocurrency will increase once more with more sustainable health.

Looking at the data across the market, the cryptocurrency industry is green and red all over, with altcoins either influenced by dominant Bitcoin and trading below their trading value over the past 24% hours or enjoying increased prices.

Source: Coin360

Ethereum price

The leading altcoin is currently sitting at a 5.31% price increase over the past day’s trading. Over the past 24 hours, Ethereum price has seen a low value of $1,200.89 USD compared to its high trading value of $1,301.70 USD. While Bitcoin took a dip to fall far from its record high recently hit, Ethereum price is still in the range of its all-time high of $1,432.30 USD. While the market remains uncertain about what the market might do in the short-term, Ethereum could well see an increase despite Bitcoin’s bearish outlook.

An Altcoin rally in the cryptocurrency market

Currently, the top five altcoins boasting the biggest rally in the market over the past day are all outside of the top ten cryptocurrencies. Qtum is leading at the time of writing, with a 32.15% increase in daily trading. Aave is sitting at 22.77% gained and Band Protocol is looking at a 17.03% increase over the past 24 hours.

Posted: Jan 24, 2021 Author: Becky Categories: Coin News