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    Home » Market Updates » Market Watch: Was This Bitcoin’s Final Correction Before New All-Time High?

    Market Watch: Was This Bitcoin’s Final Correction Before New All-Time High?

    Author: Jordan Lyanchev

    Last Updated Nov 25, 2020 @ 08:29

    Large-cap altcoins have stalled following the recent gains, while Bitcoin surged to its new yearly high of $19,450. It since corrected and recovered almost immediately.

    After a few days of stagnation beneath $19,000, Bitcoin broke above that coveted level to mark a new yearly high of nearly $19,500. In contrast, most large-cap alternative coins have slowed down after the recent gains.

    Bitcoin To New Yearly Highs

    The primary cryptocurrency reached $19,000 on Saturday after an impressive leg up. As the community began speculating on a possible break for $20,000, BTC started to retrace.

    In the following days, the asset headed south and even touched $17,400 after a massive price drop. The alternative coins took advantage and reduced Bitcoin’s dominance by 8% in a few days.

    However, BTC decided to act yesterday. While the cryptocurrency was struggling at $18,000, it went on a roll that resulted in breaking above $19,000 for the first time in nearly three years. Ultimately, BTC jumped to its new yearly high of $19,450 (on Bitstamp).

    Nevertheless, Bitcoin went through a steep red candle that touched $18,640 but as it’s almost always the case in the last few weeks, it managed to recover almost immediately and it’s now above $19,000 again.

    The technical indicators suggest that BTC needs to overcome the key resistance lines at $19,400 and $19,550 to potentially challenge the all-time high at almost $20,000.

    Alternatively, the support levels at $18,950, $18,830, and $18,650 could assist in case of a price breakdown.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Altcoins Slow Down

    The alternative coins enjoyed the past few days with some remarkable gains.

    Ripple was among the most impressive performers with consecutive double-digit price increases that took XRP to a high of almost $0.90.XRP has started to retrace and has lost over 7% of value on a 24-hour scale. Nevertheless, it still holds the third position in terms of market cap after surpassing Tether earlier.

    Ethereum pumped to a new yearly high of $620 during the rally. ETH has also dived since then and currently struggles beneath $600.

    Chainlink (-2%), Polkadot (-6%), Cardano (-3%), and Litecoin (-2%) are also in the red.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto

    The lower and mid-cap altcoins continue with massive fluctuations. Verge leads the race with a 32% surge in the past 24 hours. XVG’s weekly gains have now entered triple-digit territory as it trades at $0.009.

    Stellar has also doubled-down on its recent performance with a 25% surge. XLM is up by more than 140% in the past seven days to $0.20.

    On a 24-hour scale, Ziliqa (19%), NEM (13%), Horizen (15%), DigiByte (15%), Golem (15%), Dash (15%), Siacoin (13%), ICON (12%), and Nano (11%) have also increased by double-digits.

    On the other hand, Bitcoin Gold (-16%), Aave (-10%), NXM (-10%), and Synthetix (-9%) have lost the most value.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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    Read more on: Bitcoin (BTC) Price Ethereum (ETH) Price Ripple (XRP) Price Stellar (XLM) Price

    About The Author

    Jordan Lyanchev View more posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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