2020 has been a wonderful year so far for cryptocurrencies as the market has generally responded in a bullish trend. Leading coin Bitcoin has taken the front position as expected with the coin currently trading at $9,383 as at the time of writing.
Altcoins have not been left behind with major altcoins Ethereum and Litecoin experiencing similar bullish trends in recent weeks. There are lots of expectations on both ETH and LTC which are seen as one of the promising assets within the altcoin market.
ETH Expected to Continue Ascent Towards $200
Ethereum has been slow to pick up in recent days with the coin trading within the $177 area. Despite this, the market sentiment is fairly bullish with many traders of the belief that ETH has broken a downward trend that has affected the coin in the past few months.
The last 24 hours has seen ETH experience a positive gain of 0.86% against the dollar. If the uptrend continues and finally transforms into a bullish trend, ETH could hit the $200 mark before the end of February. However, a downturn would see the coin rebound to the $140 support levels.
A crypto trader similarly averred that ETH would reach $220 in an altcoin bull run.
ETH target $220! ALT – BULLRUN inbound?
— Crypto Chief (@ElCryptoChief) January 30, 2020
LTC Hit Double Digits Gain in last 24 hours
Litecoin was one of the biggest gainers in the crypto market today. LTC gained a double-digit percentage of 10.42% to the Dollar. At the time of writing the coin is currently trading at $66.59 per unit suggesting that the bullish run is likely to persist.
Litecoin continues to trend high in the market, breaking the weekly resistance with signals indicating that a route toward the previous all-time high may play out.
Image Credit: Twitter.
The founder of Crypto Capital Venture the best-case scenario for Litecoin would be an over-extension of Litecoin price to the upside. This would hand Litecoin continuation on the upside.
There have been speculations that Litecoin has hit a steady patch and it is pointing towards several bullish signs. If the current trend continues, LTC could hit $90 in the coming weeks while a downturn would see the coin drop to within the $50 support levels.
Bitcoin Outperformed by Telsa as the Best Performing Asset in 2020
Bitcoin’s bullish start to 2020 has brought about optimism with the coin looking like embarking on a similar run to its 2017 boom. Despite this positive start Bitcoin still lags behind Telsa as the best performing asset in January.
Popular crypto analyst Mati Greenspan pointed this out by posting that Telsa is ahead of Bitcoin In the race of the best performing asset. Telsa is up 38.77 in the past 30 days while Bitcoin is up by around 31%.
— Mati Greenspan [tweets are not trading advice] (@MatiGreenspan) January 29, 2020