The Cryptocurrency Market Following A Bad Week Makes Recovery With Bitcoin Price Going Back To $8,500
As reported earlier the $8,200 resistance mark for bitcoin is a significant edge to keep an eye on because a decline below the mark could possibly drive the bitcoin price back to the $7,900 mark.
Over the past day, the cryptocurrency market has recovered as the bitcoin price hit $8,500 and tokens such as Tron (TRX), AirSwap (AST) and Ontology (ONT) made gains in the 10 to 20 percent level.
The good number of tokens in the space has gone through a sharp movement on the decline, imitating the decreasing trend of bitcoin but with larger declines. As a result, even tokens such as ONT, ICON (ICX), and 0x (ZRX), which have at some point outshine most leading cryptocurrencies throughout April and May declined sharply.
However, on May 21, most of these tokens have recovered from their losses, coming up with gains against bitcoin which made a 4percent increase against the US dollar. ONT made a 10 percent increase against bitcoin while AST increased over 15 percent and TRX recorded a 9.5 percent increase.
AST is an interesting token to watch, particularly as a long-term investment given that regardless of its popularity and media attention it gained, it still remains as the 198th largest cryptocurrency in the world with a $62 million market valuation. Even though the market value of AirSwap is considerably smaller against to other tokens such as ONT and ICX, AST has more potential to expand in the long-term.
Since failing to hit the $10,000 level in early May, bitcoin has remained on the decline. In the past week, the bitcoin price as still in the $7,900 to $8,785 range, finding it hard to rise above $8,800 which is regarded as a significant support level that could see the price of bitcoin hitting the $10,000 level once again in the short-term.
On May 15, Bitcoin made its latest attempt to go above the $8,800 support level. After going above $8,850 thanks to the pressure of bear, bitcoin once again declined to $7,925 and quickly recovering to the $7,900 level. If the bitcoin price can recover to the $8,800 region in the days to come, it is possible that the bitcoin price could hit the $9,600 support level shortly, targeting the entry into the $10,000 level by the end of May.
Bitcoin has been able to boost its momentum over the past week by slowly moving from $7,900 to $8,500, which has not been seen in the past corrective recoveries.
