Bitcoin Restores $19K Level, Altcoins Bounce Again…How Far Can It Go Up?
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Answer Bitcoin Restores $19K Level, Altcoins Bounce Again…How Far Can It Go Up?
After a red day in the cryptocurrency market yesterday.
Cryptocurrency saw an acceptable rally today.
Yesterday, Bitcoin prices fell by nearly 6%.
Today, Bitcoin is trading at $19,000, an increase of nearly 3% in the past 24 hours.
Altcoins are showing stronger performance than Bitcoin.
The price of Ethereum fell by 8% yesterday.
Today, the price of Ethereum is up 8% in the last 24 hours and is trading at $1616.
Meanwhile, BNB, XRP and Solana are up 5%-6%.Read:South Africa Adds Bitcoin ATM Services
Ethereum Classic continues its fluctuating movement.
After rising more than 25%, it fell 9% yesterday.
Today, it is back up by about 8%.
Why did cryptocurrency prices rebound?
Cryptocurrency prices struggled to rebound from their recent slump, following hawkish Federal Reserve reports on investors.
Currently, it appears from the cryptocurrency rally that investors have stabilized and partially calmed down.
In general, the general market has stabilized as well.
The S&P 500 is up 1.8% while the Nasdaq 100 is up 2.1%.
With the increase in the market value of cryptocurrencies during the spread of the Corona virus, cryptocurrencies are more connected to traditional markets than ever before.
The beta indicator is a measure of how closely an asset relates to the general market.
Crypto assets have an estimated rating of 2.
This means that if the overall market increases or decreases by 1%, the crypto-asset moves by twice as much.
In this aspect, Bitcoin and other cryptocurrencies such as tech stocks behave.Read:An investor in Abu Dhabi tells the story of getting an investment loan and losing it in the cryptocurrency market
Therefore, it is closely related to the technically oriented Nasdaq.
The Nasdaq 100 is up 2.1%, sending cryptocurrencies higher.
How long can the cryptocurrency rally last?
This cryptocurrency bounce and rise will depend on several factors.
The Ethereum consolidation is expected to begin next week.
Experts believe that it will be a very bullish event for cryptocurrencies.
Investors will also see CPI data due on September 13th.
The CPI data will determine the Fed’s stance on tackling inflation, which could have a significant impact on cryptocurrency prices.
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