Can altcoins retain their strong positions against Bitcoin (BTC)?

NFT Studio 24
2 Min Read

A look at where altcoins are now, and what they need to do to compete with Bitcoin.

The rate of Bitcoin (BTC) has increased by 3.32% over the past seven days.

The bulls have restored their lost positions as most of the top 10 altcoins are again in the green zone.

altcoins retain their strong positions against Bitcoin
Top coins by CoinMarketCap

BTC/USD

 Bitcoin (BTC)/USD chart by TradingView
BTC/USD chart by TradingView

Despite today’s price rise, Bitcoin (BTC) could not keep the rise after setting the new peak at around $68,500. In addition, the buying trading volume has declined, which means that buyers are not as powerful as before.

In this case, one may expect the decline to the nearest support at $60,000.

Bitcoin is trading at $64,479 at press time.

Can altcoins retain their strong positions against Bitcoin (BTC)?

Some altcoins are more profitable investments than Bitcoin. Find out which ones, plus how to buy them.

XRP/USD

The rate of XRP has gone up slightly over the past week. The growth has constituted 0.71%.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

XRP keeps trading in a wide channel with no bearish or bullish signals. Bulls made a false breakout of the resistance at $1.29, having confirmed buyers’ weakness.

If bulls cannot seize the initiative, the drop may continue to the area of the most liquidity around $1.10152.

XRP is trading at $1.1894 at press time.

ADA/USD

Despite gaining 2% over the past seven days, the rate of Cardano (ADA) has decreased by 0.24% since yesterday.

Cardano (ADA) /USD chart by TradingView
ADA/USD chart by TradingView

Cardano (ADA) is trading similarly to XRP as neither bulls nor bears are dominating at the moment. In this case, the more likely price action is continued sideways trading in the range between the support at $1.832 and the zone of the most liquidity around $2.10. Such a scenario is relevant until the end of the upcoming week.

Read More:https://www.fxstreet.com/

NFT Studio 24

NFTStudio24 is Japan's first media platform dedicated on reporting the latest news and insights in Web3, Blockchain, Cryptocurrency, Metaverse, NFTs, and Decentralization.

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NFTStudio24 is Japan's first media platform dedicated on reporting the latest news and insights in Web3, Blockchain, Cryptocurrency, Metaverse, NFTs, and Decentralization.