Bitcoin Stable Around $8,000 as Altcoins Experience Relief Rallies

Bitcoin Stable Around $8,000 as Altcoins Experience Relief Rallies 1

Bitcoin’s bout of extreme downwards momentum has slowed ever since it found support within the upper-$7,000 region earlier this past week, which has allowed most major altcoins to post decent gains today.

In the near-term, it is highly probable that Bitcoin will be the impetus behind any major movements amongst all the major altcoins, and one piece of on-chain data regarding the latest BTC drop may signal that the recent drop will be fleeting.

Bitcoin Stabilizes Above $8,000 as Altcoins Bounce 

At the time of writing, Bitcoin is trading up over 1% at its current price of $8,200, which marks a decent recovery from its recent lows of below $7,800.

BTC’s ability to bounce from its recent visit into the $7,000 region has proven that bulls still have some underlying strength in spite of the recent drop that sent it down nearly 30% from its recent highs of well over $10,000.

Altcoins have risen concurrently with Bitcoin, with Ethereum surging over 5% to its current price of $174 and Litecoin climbing nearly 4% to its current price of just under $57.

As Bitcoin continues finding stability within the lower-$8,000 region, it is highly probable that altcoins will be able to further extend their current relief rally, and one piece of on-chain data may bolster crypto bulls who are looking for a rapid reversal to the market’s recent downturn.

Glassnode, an on-chain analysis group, recently spoke about what drove the recent Bitcoin downturn in a tweet, explaining that the recent sell off was driven by a turnover of short-term investors, as most long-term investors did not offload their holdings during this latest drop.

“According to #onchain metrics, #Bitcoin’s recent drop to $8k doesn’t seem to have been caused by long term holders. The average age of moved coins is between 20-30 days & CDD hasn’t deviated significantly. This was likely due to short term $BTC holders,” they explained while pointing to the graphs seen below.

Because the recent dip was driven primarily by traders and not by investors, there is a decent chance that Bitcoin will begin climbing as these traders pile back in, which will likely lead to an extension of the upwards momentum that most major altcoins have incurred over the past 24-hours.

Bitcoin Stable Around $8,000 as Altcoins Experience Relief Rallies 2
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 42,212.00
ethereum
Ethereum (ETH) $ 2,855.19
cardano
Cardano (ADA) $ 2.24
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 342.59
xrp
XRP (XRP) $ 0.923695
solana
Solana (SOL) $ 131.29
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 28.91
dogecoin
Dogecoin (DOGE) $ 0.205764
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 42,212.00
ethereumEthereum (ETH)
$ 2,855.19
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 509.18
litecoinLitecoin (LTC)
$ 148.40
bitcoinBitcoin (BTC)
35.963,36
ethereumEthereum (ETH)
2.432,54
tetherTether (USDT)
0,851970
bitcoin-cashBitcoin Cash (BCH)
433,81
litecoinLitecoin (LTC)
126,43
bitcoinBitcoin (BTC)
30,801.46
ethereumEthereum (ETH)
2,083.39
tetherTether (USDT)
0.729685
bitcoin-cashBitcoin Cash (BCH)
371.54
litecoinLitecoin (LTC)
108.29

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin42,137 0.47 % 1.30 % 12.70 %
Ethereum2,841.2 0.87 % 2.63 % 17.11 %
Cardano2.240 1.04 % 4.78 % 5.73 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Binance Coin341.45 0.52 % 4.25 % 17.02 %
XRP0.9221 0.31 % 2.28 % 14.29 %
Solana130.96 0.75 % 7.65 % 23.02 %
USD Coin1.000 0.09 % 0.04 % 0.08 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2054 0.54 % 2.35 % 15.09 %

bitcoin
Bitcoin (BTC) $ 42,212.00
ethereum
Ethereum (ETH) $ 2,855.19
cardano
Cardano (ADA) $ 2.24
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 342.59
xrp
XRP (XRP) $ 0.923695
solana
Solana (SOL) $ 131.29
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 28.91
dogecoin
Dogecoin (DOGE) $ 0.205764