Ethereum

Bitcoin

Gains

<ul>
 <li>As Bitcoin recovers $50k, this can be seen as positive for a potential new bull cycle and might allow some altcoins to rise.</li>  
 <li>Matthew Hyland reveals a bearish reversal pattern in the altcoins sector but adds that there is a potential for an altcoin charge higher if the key support levels are maintained.</li>  
 <li>Although, in the recent past, Ethereum experienced fluctuation in the price, the given currency showed great capacity for the recovery</li> 
</ul>  
<p>Bitcoin which has been the flagship digital currency also slipped to $49,577 but later moved up to the $50,000 mark. This price action has created new hope to the Bitcoin supporters with the possibility of starting a new phase of a bull run.</p>  
<p>Not only did the movement of the market affect <a href="https://cryptonewsland.com/bitcoin-price-rally-aims-for-a-new-all-time-high-are-altcoins-finally-ready-to-follow-the-leader/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> but also the numerous Altcoins related to it. Like in the case of Bitcoin, the rest of the cryptocurrency market experienced a decline in the value of market capitalization, which was down from $2. 42 trillion to $1. 691 trillion.</p>  
<p>Investors were alarmed by this abrupt and sharp decline since it suggested a poor future.Just like the BTC, the total <a href="https://www.forbes.com/digital-assets/crypto-prices/?sh=50a8d08f2478" target="_blank" rel="noopener noreferrer nofollow">crypto market cap</a> has since regained a portion of its lost value as it has become apparent that the market is quite robust.</p>  
<h2 class="wp-block-heading" id="h-altcoin-market-shows-signs-of-recovery">Altcoin Market Shows Signs of Recovery</h2>  
<p>Matthew Hyland who is a market analyst in the cryptocurrency markets provided the audience with information pertaining to the Altcoin market. He achieved this with a special emphasis on the market capitalization of the Altcoins excluding the top ten cryptocurrencies. In the present chart, Hyland pointed out a technical setup that was formed as the market cap recovered above the neckline of a Head-and-Shoulders pattern. He drew attention to developing reversal candles at this crucial level, pointing to a possible turnaround.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/MatthewHyland_/status/1820699873211011331
 </div>
</figure>  
<p>According to Hyland, this means that the altcoin market may be on the precipice of a sustained upturn. He stressed that this reversal signal is more valid provided the market cap is above the Head-and-Shoulders neckline. If this level were to be sustained it could open up an up trending market.</p>  
<h2 class="wp-block-heading" id="h-ethereum-s-sturdiness-despite-market-volatility">Ethereum's Sturdiness Despite Market Volatility</h2>  
<p>Another large-cap cryptocurrency that apparently did not suffer greatly during the recent market fluctuations is <a href="https://cryptonewsland.com/ethereum-eth-drops-amid-market-downturn/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a>. Ethereum had a slight fall to $2,116 and after that, once again moving upwards and was $2,456 at the time of writing. This recovery follows the generalized pattern of turnarounds that came into play throughout the main cryptocurrencies market.</p>  
<p>The rebound in Bitcoin, Ethereum, and the broader cryptocurrency market suggests a possible shift in market dynamics. However, it's still unclear if this increase will definitively lead to a bull market.</p> 
<p>The post <a href="https://cryptonewsland.com/crypto-market-rebounds-why-the-recovery-of-bitcoin-could-spark-gains-in-altcoins/" rel="noopener noreferrer nofollow">Crypto Market Rebounds: Why the Recovery of Bitcoin Could Spark Gains in Altcoins</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Crypto Market Rebounds: Why the Recovery of Bitcoin Could Spark Gains in Altcoins

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