In the past 48 hours, the entire cryptocurrency market lost close to $200 billion in market capitalization as Bitcoin price sliced through $30,000 hitting a low of $28,850 on Binance. However, BTC bulls quickly intervened and bought the dip pushing the digital asset by 12% from the low to a current price of $32,400.
This dip-buying confirms that the area between $28,000 and $30,000 is a strong support range for Bitcoin. One of the most significant developments in the past two days has been Ethereum price which has taken the lead again and it’s up more than 5% against Bitcoin. XRP price on the other hand still struggles to recover.
Bitcoin price corrects by 30% but bull rally remains intact
From a long-term standpoint, the Bitcoin bull rally is far from over. The weekly chart is still in a robust uptrend and the 12-EMA is located all the way down at $26,349. The 26-EMA, which is a must-hold level for the bulls is established at $20,240.
BTC/USD weekly chart – TradingView
It would seem that Bitcoin is about to enter a more calm period within the next few weeks as its dominance has been declining significantly, down at 64.9% currently.
Ethereum price signals the beginning of alt season
Ethereum is currently outperforming Bitcoin in all fields. For instance, ETH price correction was only 27% compared to Bitcoin’s 31%. Additionally, ETH bulls have pushed the digital asset by 20% today gaining a lot of dominance over the market.
ETH/BTC weekly chart – TradingView
On the ETH/BTC chart, Ethereum is up by 5.6% which clearly shows is leading the way right now. Looking at the total market capitalization without Bitcoin, we can see that the last sell-off wasn’t as steep for the altcoin market which only lost 10% of its value compared to Bitcoin’s 31%. These are major signs that a potential new alt season is starting as history seems to be repeating itself again.
XRP price still underperforming
Again no surprise with XRP price as it continues to trade below $0.30 and seems unable to recover despite the ups and downs of the market. Trading volume continues to decline which indicates investors are not interested in trading the digital asset before the SEC’s final decision over Ripple and XRP.
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