While Bitcoin struggles, altcoins are holding on

While Bitcoin struggles, altcoins are holding on

altcoins-bitcoin

Although Bitcoin may have fallen below $30,000 USD from a record high of almost $42,000 USD, the main cryptocurrency has managed to find its way back to just over $32,000 USD as MicroStrategy and retail traders took the opportunity to buy the dive.

Despite the rapid increase, Bitcoin investors are still cautious after the price has dropped so significantly as the cryptocurrency continues to trade sideways. At the time of writing, Bitcoin's price is at $32,453.64 USD according to CoinMarketCap, which is slightly in the red with a drop of less than 1% in daily trades. In the last week, however, Bitcoin has dropped 10.27% of what it was boasting about. Analysts believe this is a short-term fix and the cryptocurrency will increase again with more sustainable health.

Looking at data across the market, the cryptocurrency industry is green and red everywhere, with altcoins or influenced by the dominant Bitcoin and trading below its trading value for the past 24% hours or enjoying increased prices.

Continue reading at coininsider.com

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