Bitcoin’s [BTC] Positive Break-out: BCH, LTC, ETH, XRP and other Altcoins Commence the ‘Alt-season’?

Bitcoin which was moving sideways in a small range near $3900, finally broke the $4000 resistance gaining 3% on the daily. The sideways movement of the market in the past week had left the traders uncertain regarding the direction of the next big move in the Bitcoin price. However, a break above the range might suggest that bulls have taken control.

The total altcoin market capitalization (excluding Bitcoin) has gained 4.5% on the daily. Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum (ETH) are leading the altcoin market gains. The total market capitalization of cryptocurrencies broke the $140 billion-mark first time in 2019.

Altcoin Market Cap Excluding Bitcoin

Bitcoin Cash (BCH) and Litecoin (LTC) Amongst Top Gainers

Bitcoin Cash, the hard fork of BTC, is the leading the altcoin gains with a 17% rise on the daily index. The price of Bitcoin Cash (BCH) on 16 March 7: 00 am UTC is $157, trading higher from $133.3 on March 15, 2019.

LTC/USD chart on Coinmarketcap

Litecoin (LTC) is also nearing double-digit gains on the 24-hour timeline. It has gained 9% since yesterday trading above the $60 resistance at $61.95. LTC fundamentals and technicals have predicted affirmative action on the cryptocurrency since February 2019.

Top Dapps Platforms

Ethereum, Tron and EOS, the platforms with the most abundant Dapps on their Blockchain also gained considerably taking a cue from the market sentiments.

While Ethereum recorded a rise of 6.3% on the daily, EOS And TRON gained 5.38 and 3.66% respectively. Cardana (ADA) also rose by 7% as it sets sight on entering the top 10 cryptocurrencies by market capitalization.

XLM Retains its Gains, While XRP breaks-out?

Ripple’s XRP and Stellar Lumens (XLM) the two leading platforms providing seamless cross-border transfer of value to existing financial institutions also contributed to the total gains. XLM which had gained 20% at the beginning of the week gained another 3.75% riding on market bullish market sentiments.

1-D XRP/BTC chart on Bittrex

XRP broke the $0.315 resistance and a small break out from the channel was observed on XRP. The RSI signal is between the oversold and overbought conditions, hence, perfectly balanced.

The positive action in the cryptocurrency market especially the altcoins suggest that the accumulation period in cryptocurrency might have begun.

Do you think the ‘altcoin’ season is back again? Please Share your views with us.

 Disclaimer: The above reflects the thought of the author, please use your own judgment before making any investments.

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