Ethereum leads the rise of the altcoins
Ethereum leads the rise of the altcoins
Trading

Ethereum leads the rise of the altcoins

By Federico Izzi - 6 Feb 2020

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In less than 48 hours, not only did prices cancel out the weak trend that had characterized the days at the turn of the last weekend and Tuesday but the rises that continue to characterize the vast majority of the altcoins push them to revisit important levels of resistance and highs that had not been recorded for several months.

coin360 20200206
Source: COIN360.com

 

Despite not being the best performing of the last few hours, BTC gains 3.8% and updates the new highs of the last 4 months and goes beyond the $9,850 threshold which hadn’t been recorded since late October, a period that characterized the last intraday rally between October 2th5 and 26th.

Ethereum does much better and is marking one of the biggest rises of the day with a rise of 8% at certain points of the day and prices pushing above $215, a step from the long term resistance level of $225, the tops of mid-September. 

Ethereum saw its value gain from the December lows by over 85%, dragging all the other altcoins as well.

TRX 20200206

Today TRON (TRX) stands out among the altcoins, after a long time of lagging behind. TRON today gains 13-15% recovering the 11th position and tailing the tenth, where there is Cardano (ADA) rising by 1.5%. The two are separated by $30 million of capitalization. 

TRON climbs the positions, despite slipping back between 20th and 25th a few weeks ago. Now it regains investors’ interest and with today’s rise, its price reaches $0.023, which it had abandoned at the end of July. TRX recovered more than 80% of its value with the rise in the lows of the first days of January and thus puts behind it one of the worst periods in its history, reversing the negative trend that had characterized the entire second half of 2019.

Among the best of the day, in addition to TRON in first position, there is Nexo (NEXO) and Nem (XEM) with double-digit increases of +11%. Also KickToken (KICK), in 53rd position, rises by 11%.

The continuous increase in prices is supported by volumes, which rise further by 20% to $130 billion in 24 hours. 

These levels were last recorded between November and December. This raises the market cap which revises last August’s levels thanks to the return of the strength of the altcoins, which is evident when looking at the Bitcoin market cap. The dominance of BTC, in fact, drops to 64.5%, levels that Bitcoin had not recorded since last July, while both Ethereum and Ripple continue to gain market share. 

Ethereum rises to 8.4%, levels recorded for the last time in mid-November. Ripple also stabilizes at 4.4%.

XRP 20200206
XRP chart by Tradingview

XRP in the last few hours rises by 1.6%, which does not make it stand out among the best of the day, but still remains a positive sign. Its quotations are back to 28 cents, levels it has not reached since the beginning of November. XRP is also above the dynamic downward trendline that characterized Ripple’s movement from last June’s high of the last year. A trendline violated last January 28th, which with the rises of the past few days has found confirmation of its breaking.

BTC 20200206
Bitcoin chart by Tradingview

Bitcoin (BTC) on the rise

Bitcoin confirms the breaking of the downward channel that now characterized the downward movement of the second half of 2019. With the upward breaking that occurred on January 28th, BTC goes above $9,800 a step from the psychological threshold of $10,000. On a technical level, it will be important to climb above $10,500-10,600. 

For BTC the monthly trend remains upward and would only be affected with falls below $9,100, however, there is no need to worry as long as prices continue to stay above $8,600-8,800. The $10.00 psychological area would be a strong level which would attract more volume.

ETH 20200206
Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum shows an almost perpendicular bullish movement that started with the relative lows of January 25th, and this strong movement in the last few hours has pushed prices to revise to $216, a level it had last recorded on September 21st. 

After giving more bullish signals and confirmations of the trend started with the mid-December lows, ETH is now one step away from glory by regaining traction with rises above $225-230, close-by levels, which would mark a rise in Ether’s value that would double from the lows marked on December 18th when it was at $116.  

 

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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