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In addition to the rise of Bitcoin in the cryptocurrency market, the situation of Ethereum, which has the largest market cap among altcoins, is a matter of curiosity. What does the rise of Bitcoin mean for altcoins? Let’s examine together what the data shows for the rise of altcoins.
Ethereum Analysis
Ethereum, which is called the leading altcoin, has increased by more than 2 percent in the last 24 hours after the rise of Bitcoin and is currently trading at $ 2600. Let’s examine the critical levels in Ethereum on a chart.
While the critical levels in Ethereum are important for the rise to continue and be permanent, the upper resistance band of $ 2820 is important, the support zone is $ 2540.
BNB Analysis
Binance Coin (BNB) was also positively affected by the rise of Bitcoin and is trading at $ 605, rising by 1 percent.
The critical levels in BNB are $ 590 as the support zone, while there is resistance at $ 610.
XRP Analysis
XRP, which has made significant gains in its ongoing lawsuit with the SEC, maintains its price stability. It has increased by nearly 1 percent in the last 24 hours and is traded at $ 0.52.
The support and resistance levels in XRP are at $ 0.51 while the resistance zone is at $ 0.527.
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What Does Bitcoin Dominance Tell Us About the Rise of Altcoins?
Bitcoin dominance is an important indicator in telling us about the interest in Bitcoin in the cryptocurrency sector. However, the current level of dominance is 59.7 percent, which means that almost 60 percent of the cryptocurrency market value is in Bitcoin.
BTC.D is still rising and there is still suitable ground for the rise, the 60 region is currently the resistance zone of our long-term rising trend and if this is broken, critical scenarios for the alts will begin, there will be a reaction from here, if we see another correction, we may start to see recoveries in the alts.
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