Altcoins Market Today

After a sharp downside correction, bitcoin price found support near the USD 8,650 level. BTC started an upside correction and it is now (08:30 UTC) trading near the USD 9,000 level. To continue higher, it must clear the USD 9,050 and USD 9,200 resistance levels.

In the past three sessions, a few smaller altcoins gained more than 5%, including ZIL, ENJ, THETA, HBAR, MATIC, ZRX, MANA, SNT, IOST, NEXO, LUNA, and DX. Out of these, ZIL climbed around 20% and ENJ jumped more than 15%.Overall, bitcoin price is currently correcting higher and reaching the USD 9,000 level. To continue higher, BTC price must surpass the USD 9,200 hurdle. If not, there is a risk of another decline towards the USD 8,550 level.

What Are Altcoins?

Altcoins are the other cryptocurrencies launched after the success of Bitcoin. Generally, they sell themselves as better alternatives to Bitcoin. The term "altcoins" refers to all cryptocurrencies other than Bitcoin. As of early 2020, there were more than 5,000 cryptocurrencies by some estimates. According to CoinMarketCap, altcoins accounted for over 34% of the total cryptocurrency market in February 2020.

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