- The cryptocurrency market pulled back from Friday's levels, led by Bitcoin price declines from $ 7,000 to levels below $ 6,000.
- Michael Novogratz, CEO of Galaxy Digital, believes that Bitcoin price volatility will continue for several months, but 2020 is still the year of BTC.
The Bitcoin price closed the week in red despite a great recovery, especially with the big cryptos on Friday last week. Bitcoin has closed $ 7,000Ethereum stepped up $ 150 during XRP a week high of $ 0.1750.
At the time of writing, the cryptocurrency market is in the green. Some of the best performers on the market are Ethereum Classic (ETC) with over 4% in profits, Monero (XMR) with over 3% growth and Litecoin (LTC) with an increase in value of 3.6% per day.
The total market capitalization for crypto has dropped to $ 166 billion from $ 177 billion recorded on Sunday after the data of CoinMarketCap. The trading volume has remained relatively stable $ 133 billion In the same period. The dominance of Bitcoin has reached 65% in the market and continues to grow given the sell-off and extreme volatility.
BTC / USD was trading at $ 5,868 at the time of writing. The prevailing bearish trend indicates that further downward movements are expected in the coming sessions. If the decline continues, the Bitcoin price is expected to take a breather at $ 5,500 when the seller is exhausted. On the other hand, $ 6,000 is the main hurdle preventing earnings from heading towards the critical $ 7,000 zone.
The C.EO from Galaxy Digital, Michael Novogratz Novogratz believes that, despite volatility in recent weeks and falling prices 2020 will continue to be Bitcoin's year. He also said that volatility is expected to continue in a few months.
$ btc will continue to be volatile in the coming months, but the macroeconomic background is WHY it was created. This will and must be the year of BTC.
– Michael Novogratz (@novogratz) March 22, 2020
ETH / USD fluctuates higher the day after growth of 2% $ 122 (Opening session) to act at $ 124.87. Ethereum's price bulls lack the energy to maintain the profits above $ 125 let alone tackle the resistance $ 130. Right now, the best thing the cops can do is defend the support $ 120 and focus on the levels at $ 125 and $ 130.
XRP / USD against it acts in $ 0.1511 after adding 2.24% at its value a day. An intraday high at $ 0.1524 forms the immediate resistance. If $ 0.15 Keeping as support, buyers will have time to gather the strength to overcome the next hurdle $ 0.16. On the bottom, $ 0.14 remains intact as important support.