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The Bitcoin price briefly reached $ 8,400 and Cardano jumped 11% in favor of the recovery of the market

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Earlier today, April 16, the bitcoin price stayed briefly above $ 8,450 after recording a massive volume purchase through major cryptocurrency exchanges. Cardano jumped 11% as the second best player of the day and the market returned to the region of $ 300 billion.

Independent movements

Throughout 2018, the vast majority of cryptocurrencies have followed the price trend of bitcoin amid periods of extreme volatility. Cryptocurrencies with small-cap stocks versus bitcoin have generally performed poorly against bitcoin, and the most dominant cryptocurrency on the market has become one of the most successful cryptocurrencies since the beginning of the year. 39; year.

Analysts have attributed the poor performance of altcoins like Cardano to the growing demand for bitcoins from investors who see it as a safe haven in the global market, which is understandable given that liquidity highest, the deepest market and the largest number of users.

When investors are uncertain about the future and concerned about the short-term market trend, daytraders and long-term traders tend not to invest their assets in highly volatile assets and risky. Thus, over a four-month period starting in January, the market has experienced significant cryptocurrencies such as bitcoin and Ethereum is generally more efficient than small-cap crypto-currencies.

Recently, traders and investors have become more ambitious and confident in their calls, and have begun to acquire more small-cap cryptocapsules as well as other major cryptocurrencies outside Bitcoin and Ethereum. The independent movement of cryptocurrencies and the reluctance of traders to follow the trend of bitcoin prices signify the stability of the market and demonstrate that the market is starting to recover.

In the last 24 hours, the Cardano Price (ADA), blockbuster protocol of intelligent participation proof contracts designed to serve large decentralized applications with flexibility and efficiency, has increased by more than 12% compared to the United States. dollar and 13 percent against bitcoin. The price of ICON (ICX), better known as the Ethereum of South Korea, also recorded significant gains against the US dollar and bitcoin.

Bitcoin Trend

Last week, the price of bitcoin rose from $ 6,900 to $ 8,000 in the space of 30 minutes. Traders feared an immediate fix because a massive buying volume was recorded sharply, which was unexpected for the most part. However, contrary to analysts' predictions, the price of bitcoin remained strong for many days and finally reached $ 8,450. Within 7 days, the price of bitcoin went from $ 6,900 to $ 8,450.

Given the sharp rise in the price of bitcoin, it is healthy to see a minor drop in the last 24 hours, to make sure that the market has not overbought bitcoin. Two momentum oscillators, the Relative Strength Index (RSI) and the Williams Percent Range (WPR), show that bitcoin is still not oversold at the current rate.

It is possible that the price of bitcoin will reach the $ 9,000 range in the near future, though it may contain the $ 8,400 level over the next few days. Traders anticipate another short-term rally to recover yesterday's losses.

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