Home Litecoin Altcoins Fall from $100 Billion MCap – Will XRP, Ethereum and Litecoin Hold Support? – Coingape

Altcoins Fall from $100 Billion MCap – Will XRP, Ethereum and Litecoin Hold Support? – Coingape

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The total market capitalization of altcoins slips below $100 billion on 19th February after a flash drop in Bitcoin.

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As reported yesterday on CoinGape, as the systematic risk of altcoins is greater than Bitcoin, so is the risk-reward ratio. Yesterday, the drop in the market capitalization of altcoins was about 2% deeper than BTC.

total mcap of altcoins
Total Market Capitalization of Altcoins (TradingView)

XRP and Litecoin on the Edge Again

Veteran chart analyst, Peter Brandt warns of the confirmation of a head and shoulders pattern in XRP as well. The pattern has been forming on Bitcoin as well, expressing similar sentiments across the across.

It will be interesting to see if this H&S top plays out. If so, the target would be .2071.

This Tweet poses a possibility. This is not a prediction. pic.twitter.com/IJiMR2AEnV

— Peter Brandt (@PeterLBrandt) February 20, 2020

Moreover, a similar pattern is playing out on Litecoin [LTC] as well. While the rise and fall in LTC has been greater, it has lately been in sync with Bitcoin. The equivalent support target for LTC is at $67 and $52, respectively.

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ltcusd bitstamp
LTC/USD 1-Day Chart on Bitstamp (TradingView)

Will Ethereum Lead?

Ethereum, which has primarily led the altcoins and to some extend Bitcoin as well. It’s price is now looking for support from range support above $250 and the 10-EMA (Expoential Moving Average).

However, CryptoFibonacci, a crypto trader notes in his update and the two long red candles on 14th and other one yesterday, might be pointing towards a bigger sell-offs.

ethusd
ETH/USD 1-Day Chart on Bitstamp (TradingView)

The price action (PA) towards the end of the week will be instrumental in establishing renewed sentiments in the market – bullish or bearish.

Currently, as Bitcoin and altcoins have failed to break above recent highs followed by a massive pullback, the buying momentum is expected to reduce. The swing highs at the moment are also forming the resistance levels for the bulls.

Do you crypto markets will continue its drop or buyers will step back in again? Please share your views with us. 

Altcoins Fall from $100 Bln MCap - Will XRP, Ethereum and Litecoin Hold Support?
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Altcoins Fall from $100 Bln MCap – Will XRP, Ethereum and Litecoin Hold Support?
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The total market capitalization of altcoins slips below $100 billion on 19th February after a flash drop in Bitcoin. 
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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.


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Author: Nivesh Rustgi



Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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