A few weeks ago, Bitcoin (BTC) price skyrocketed, leaving the altcoin market behind. BTC USD price broke over the $12,500 mark while the majority of altcoins were struggling to break out of their tight range-bound. It appears that the same trend is repeating itself at the moment. The past few days have been very bloody for the majority of digital currencies in the market, including Bitcoin (BTC).
The heavy crypto plunge pushed the price of Bitcoin (BTC) below the $10k level. Almost all the altcoins in the market were heavily affected, with XRP plunging to as low as 24 cents. Bitcoin (BTC) is currently amassing more gains, leaving altcoins behind because of a recent piece of bullish cryptocurrency news.
CFTC Approves the Physical Bitcoin (BTC) Futures of Bakkt – Cryptocurrency Market Update – Cryptocurrency News Today
Recently, the Commodity Futures Trading Commission (CFTC) gave a green light to Bakkt for physically-traded Bitcoin (BTC) futures. This is the first approval of this kind in the crypto space and the Bakkt is the first to get. As a result of this news, the price of Bitcoin (BTC) surged higher and broke over the $10k resistance it was encountering yesterday. BTC USD price continued its upsurge and broke over the $10,600 mark and altcoins were left behind, with some even testing new yearly lows. What’s the fate of the altcoin market? What is next for other digital currencies such as Ethereum (ETH), XRP (XRP), and Litecoin (LTC)?
Ethereum (ETH) Price Analysis – Ethereum Price Prediction – Cryptocurrency Market Update – Best Cryptocurrency to Invest in 2019
Over the past couple of weeks, the price of Ethereum (ETH) has plunged by more than 50%, bringing ETH USD price to a low of $174. This is the first time since mid-May ETH USD price is testing that level. The price of Ethereum started correcting lower when it tested its year-to-date high of $366 on the 26th of June. Ethereum has not plummeted this much since the bull run began in December 2018.
XRP (XRP) has been managing to hold gains over the 30 cents mark for quite some time. However, the recent plunge, led by Bitcoin (BTC), pushed XRP USD price below the 30 cents level. The price of XRP plunged by more than 21 percent and tested a new low of 24 cents. According to some analysts, if the 24 cents level fails to prevent further losses, XRP USD price might plunge towards the 20 cents market in the short-term. However, the digital currency seems to be holding up that level strongly.
The price of XRP has broken over the 25 and 26 cents levels. At the press time, the 26 cents mark is acting at the immediate support of the digital currency. Whereas, XRP USD price is encountering a major hurdle on the upside at the 27 cents level. A break over this level might pave the way for more gains back to the 30 cents area.