Despite escalating tensions between Russia and Ukraine, cryptocurrency tokens were flying high on Tuesday, with bitcoin topping the gainers. The price of all of the top digital tokens was rising.
Terra increased by 24% to become the seventh most valuable token, followed by Avalanche, which increased by 19%. Bitcoin increased by 15%, while Shiba Inus increased by 10%.
After climbing roughly 12% in the last 24 hours, the global cryptocurrency market cap reached $1.9 trillion today. The total volume of bitcoin trade increased by 34% to $109.19 billion.
A well-known crypto analyst is examining how various famous altcoins compare to Bitcoin (BTC) in order to determine which assets are likely to climb again.
Nicholas Merten tells his 511,000 YouTube subscribers in a new strategy session that current macroeconomic and geopolitical crises previously slowed the momentum in altcoin markets.
Ethereum(ETH)
Merten, on the other hand, believes that present instability will likely give possibilities for the next bull run, with numerous cryptocurrencies, starting with Ethereum, leading the way (ETH).
He says, Ethereum is establishing higher major highs in general. One will arrive in May 2021, and the other will arrive in December 2021. It’s also continuing to set higher lows.
When it comes to Ethereum vs. Bitcoin (ETH/BTC), the DataDash host says, Ethereum has been consolidating sideways against Bitcoin for about a year, and it has been establishing these higher highs. That’s a bullish trend in general.
Binance Coin(BNB)
Moving on to Binance Coin, the company’s native cryptocurrency, the analyst claims that BNB is a crypto giant, citing a rapidly growing user base that could soon reflect in its price.
For BNB, there is generally steady resistance around 0.012 BTC ($496). We can see that this trend is simply rising upwards with higher lows, indicating that it may be ready for a third retest and a higher breakout.
Ripple(XRP)
The Data Dash host then turns his attention to XRP, observing how global events may work in the altcoin’s favour.
He says, While XRP is a divisive crypto asset, I do want to emphasise that with the current geopolitical issues, XRP and thus Ripple’s technology may have a place in the market, given all of the censorship taking place around the SWIFT payment network in relation to the [Russia/Ukraine] crisis that’s currently unfolding…
We’ve seen the bulls begin to acquire XRP at higher rates vs BTC.Why are people paying higher premiums for altcoins against Bitcoin even during this period of anxiety in the market? If we’re entering a bear market, why are people paying higher premiums for altcoins against Bitcoin? It’s just a generalization.
Cardano(ADA)
The Ethereum competitor Cardano is the final altcoin on Merten’s radar (ADA). He says, This is beginning to approach a pricing range where he is seeking to test certain significant levels of support for myself.
He thinks approximately 2000 satoshis ($0.78) as a good starting point to see what happens if the price drops and the 2000 SATs are retested. If that threshold is breached, it might be a very dangerous situation for Cardano.
Source: https://coinpedia.org/altcoin/crypto-market-recovers-analyst-predicts-next-levels-for-eth-bnb-xrp-ada-price/