The cryptocurrency market has recently gone through a significant bull market, increasing the immediate support and resistance for most coins. Many believe that the main reason for the rise was Bitcoin’s impending halving, set to take place on May 4.
As we look at greener pastures, it is important to analyze the market trends of the top cryptocurrencies and see how they might react over the coming weekend. Bitcoin, XRP, and Litecoin were the three major cryptocurrencies still ticking in the bull zone with more gains expected to arrive soon.
Bitcoin’s latest resurgence has been the talk of the cryptocurrency town after weeks of bearish drops. The world’s largest cryptocurrency has now set its sight on the $9000 mark after growing by double-digit numbers over the past week. At press time, Bitcoin was trading for $8896.4422 with a total market cap of $163293 billion. The 24-hour market volume had increased to a healthy $52.2 billion after capping near the $45 billion mark last month.
Bitcoin’s immediate resistance had increased to $8820 with the support holding strong at $4838. Several HODLers and analysts have claimed that the cryptocurrency would continue on its bullish path till the halving after which the value can diverge in two ways.
The first scenario would see the value shoot up significantly, even breaking the $10,000 mark within the first week of May. Analysis of the specific indicators showed that the capital into the market had increased significantly fr the first time since the middle of March.
XRP’s performance over the past ten days has made many investors sit up and take notice of Ripple’s native cryptocurrency. During the time of writing, XRP’s value was $0.22 with a total market cap of $9.9 billion. The third-largest cryptocurrency in the market was still a long way away from overtaking Ethereum whose market cap was a whopping $23.8 billion. XRP’s 24-hour market volume had increased to $2.65 billion after a 2.7 percent hike over the past day.
Ripple’s cryptocurrency was still struggling to find a way back to its earlier peaks as the ‘XRP army’ placed their belief in the coin. Ripple has boosted XRP’s potential by claiming that it will be used in several of its technologies and partnership payment gateways. One of the recent positive takeaways has been the increase in XRP’s buying pressure. The last time that XRP’s buying pressure had crossed the overbought zone it was back in February.
Litecoin remained in the seventh position while at the same time maintaining a distance from its rival Binance Coin. The recent price hike lifted Litecoin’s price from below the $40 margin to trade for $48.43. LTC’s market cap clocked in at $3.13 billion and was quickly gaining ground on Bitcoin SV’s 3.91 billion. After a 10 percent increase over the previous week, LTC’s market volume had risen to $5.055 billion.
LTC’s capital gain had dipped since the price rise began as investors decided to wait it out for more developments. This was the reason why the Chaikin Money Flow indicator for LTC was one of the lowest among the top 10 cryptocurrencies. Although the money may not be coming into the market, people’s trust in LTC had definitely gone up as indicated by a flurry of buy-ins by fans and investors alike.
The aforementioned cryptocurrencies were few of the best performers during the previous week joined by decent performances by other tokens as well. Only time will now tell if the gains can be maintained and if the bull will remain with the cryptocurrency market for a prolonged period of time.