Crypto Price Watch: Bitcoin, Ethereum, Litecoin and Ripple Experience Minor Drawbacks
April 16, 2018
After breaking the $8,000 barrier last Friday, Bitcoin impressed users and enthusiasts by spiking to $8,400 over the weekend. Today, the father of cryptocurrencies had fallen back down to $7,900 during the early morning hours but has since recovered to $8,000 at press time.
Bitcoin reached a weekly high of $8418 before dropping down to the $8000-level.
Reddening Territory for Major Coins
In addition, Ethereum is joining Bitcoin’s four percent drop after falling to $503 from its recent high of $537.
Ethereum reached a high of $537 before dipping to the $500-level.
Ripple, Bitcoin Cash, and Litecoin are all down by three percent, though most analysts are unanimous in their sentiment that the drops are merely short-term results of recent selling pressure.
Litecoin hit a high of $133 before dropping to the $128-level.
Granted, entities like Bitcoin can stay above $7,650 for the time being; many believe the worst days are long behind us. Should the currency rise beyond $8,100, new resistance could likely be established to assist bitcoin in rising to $8,200 and then $8,500. This could then make way for the $9,000 mark.
Bull Run Isn’t Over, Analysts Say
Related Story: Pantera Capital Believes The Worst Is Over For Bitcoin
CEO of Pantera Capital, Dan Morehead, joins Fundstrat’s Tom Lee in his belief that Bitcoin will surpass the December 2017 levels and strike new highs by the end of the year.
“It is a great day to get long,” he wrote in a recent Medium post. Lee said:
“I rarely have such strong conviction on timing. A wall of institutional money will drive the markets much higher.”
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