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Ethereum, XRP, and BCH: Why Traders are Optimistic on Altcoin Market

Avatar Cole Petersen 2 months ago

The precarious nature of Bitcoin’s recent price action does not lend itself to helping generate bullish price action amongst major altcoins, but one prominent analyst is noting that he believes Ethereum, XRP, and Bitcoin Cash are all decently positioned to see further upside against their USD trading pairs in the near-term.

Other analysts concur with this belief, with another prominent trader explaining that he believes 2020 will prove to be bullish for many major altcoins, as they could incur decent upwards momentum that outpaces that of Bitcoin.

Bitcoin Cash, XRP, and Ethereum All Incur Tempered Gains

Currently, most major altcoins are trading up a few percentage points, which comes concurrently with Bitcoin’s rise today to its near-term resistance level at $7,400.

Although BTC has yet to break above this level, bull’s ability to defend the cryptocurrency from seeing further losses after its recent rejection at $7,700 points to the possibility that buyers are building strength that will help lift it higher in the coming days and weeks.

At the time of writing, Ethereum is trading up just under 4% at its current price of $133, which is notable as it had previously been struggling to break above $130. Similarly, Bitcoin Cash is also trading up just under 4% at its current price of $214.80, and XRP is trading up a mere 1% at just under $0.20.

DonAlt, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes the above-mentioned altcoins will all see some upwards momentum in the near-term.

“Buying some alts against USD today and tomorrow. Namely BCH, LTC, ETH and I might even throw in some XRP if I particularly feel like losing money while pressing buttons. Current prices for reference: $BCH – $208 $LTC – $42.70 $ETH – $129 $XRP – $0.194,” he explained.

Slow Upwards Bitcoin Grind Could Provide Ideal Opportunity to Long Altcoins 

DonAlt is not alone in being bullish on altcoins, as CryptoGainz, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes Bitcoin will slowly grind higher in the near-term, allowing altcoins like Bitcoin Cash, Ethereum, and XRP, to outpace this momentum.

“Best play rn imo is to long dips on alt-btc pairs. Btc is going to underperform alts but slowly grind up I think. When btc stops going up but alts keep going up, altbtc pairs will have a short squeeze. Then short btcusd and alt-usd pairs,” he noted.

Although these altcoins may be poised for some near-term upside, all eyes remain on Bitcoin, as where its price trends in the near-term will offer significant insight into where the aggregated market is heading next.

Featured image from Shutterstock.
Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has covered bitcoin and the crypto markets since 2017.

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