Price Analysis: Altcoin Prices On A Surge In Competition With Bitcoin Growth

Price Analysis: Altcoin Prices On A Surge In Competition With Bitcoin Growth

  • Bitcoin’s recent price hikes expected to be the catalyst for the altcoin price surges, which currently observed in the market.
  • Bitcoin price seen to shoot beyond 8,700 dollars with a gain of 2.5% as of last observed at the time of writing.
  • This price hike for BSV can be attributed to the latest developments in the Craig Wright – Dave Kleimer court proceedings.

Bitcoin’s recent price hikes expected to be the catalyst for the altcoin price surges, which currently observed in the market. The price of bitcoin has always known to have reliable control over the costs of altcoins.

This was clearly shown in the market on 14 January as altcoins went on a favourable price spike. Bitcoin price seen to shoot beyond 8,700 dollars with a gain of 2.5% as of last observed at the time of writing.

Bitcoin’s next main hurdle is said to be $9,100, which will mark the 200-day moving average on the daily chart. The relative strength index (RSI) is getting closer to 70, and the price is clearly on an upward momentum.

As Bitcoins prices are heading closer and closer to the $9,000 mark, it has also pulled up the prices of other altcoins such as Ethereum, Bitcoin SV, Bitcoin Cash, and Litecoin. Bitcoin SV has led the charge with a price gain of nearly 79.35 to $359.19, at the time of writing.

The massive price change brought Bitcoin SV to the 5th largest cryptocurrency by market cap of around $6.6 million. This price hike for BSV can be attributed to the latest developments in the Craig Wright – Dave Kleimer court proceedings.

Craig Wright has claimed that he now has access to a large number of BTCholdings that purportedly include some of the first-ever mined, thus bringing him one step closer to verifying his identity as Bitcoin inventor, Satoshi Nakamoto.

Ethereum has also rallied 9.87% to $166 in the past 24 hours as Bitcoin prices have pulled it up although it speculated that this is the indication for a downward correction in ETH prices.

It expected for ETH prices to jump back up to $170-$172 after the correction and might even move up to the $180 mark if Bitcoin prices break the $9,000 psychological barrier. The third-largest cryptocurrency by market cap, Ripple also saw a rise of 6.9% trading at $0.2367.

Bitcoin Cash, the parent fork to BSV also saw a 20.04% price hike to $342.35. Although Bitcoin Cash boasted stronger market capitalization than BSV for a while now, the Craig Wright case developments that happened, have thrown Bitcoin SV zooming past BCH.

Although this didn’t stop BCH from rallying up high, analysts also say that this bullish trend for Bitcoin Cash is also just a beginning and the prices can be expected to break out more.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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