Cryptocurrency

Bitcoin Bulls Have To Prepare For Cryptocurrency Regulation Challenges

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This morning, we can notice a Bitcoin and altcoins dip which is an opportunity for many investors to step in and make most of their investment. Recently, the price of the dominant coin made another attempt to climb above the $10,500 resistance area but was blocked which is when the cryptonews showed BTC retracing to the current lows on the day near $10,148. Altcoins, on the other hand, followed this too. They are known for following their leader (Bitcoin) but what is good at this point is the independence they are building up slowly but surely. For instance, we can see that Bitcoin’s dominance went from 69% in 2019 to 61.9% now which is a signal that the coming altcoin news are picturing more gains for less known coins. This is the situation we see in the Nexo latest news, where NEXO is building up a good momentum. Also, the Cardano latest news are picturing gains while the Cosmos news today show that ever since Crypto.com rolled out 8% premiums on ATOM, the altcoin has been in a good momentum. The Bitcoin and altcoins dip comes after a significant upward move in most major altcoins in the past three sessions. This included Ethereum, XRP, Litecoin, Bitcoin Cash, BNB, EOS, TRX, ADA and XLM. For instance, the ETH news showed that Ether managed to jump above the $260 level and $270 levels before correcting lower. Similarly, XRP surged by 18% and traded above $0.33. For BTC, the rejection near $10,450 was not a stopping sign. Even though this triggered a downside correction, the coin managed to dip below the $10,250 support and stabilized below it. The first key support now is $10,100, followed by $10,050 and $10,000. It is good to see that BTC is holding well in the five-digit zone. For the alternative cryptocurrencies, the Bitcoin and altcoins dip means nothing but motivation to keep pushing higher. Litecoin and XRP are one of the leaders in the altcoin buzz now and are expected to surge more in the near future. The XRP price performed well in the past three sessions and it rallied to $0.33 while Litecoin pumped above $80 and $82 – which is why they are expected to stop this dip and start a new upwards movement.

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