Altcoin

Ethereum (ETH) price analysis. October 8, 2020. Ether is on a downward move because the biggest altcoin fails to rebound above the $350 support.

The emergence and growth of the popularity of the alternative currency Bitcoin has led to the creation of many other cryptocurrencies based on Bitcoin Blockchain code. All these cryptocurrency have the generic name - Altcoins.

Talks about Ripple being a scam pop up every now and then. The altcoin’s runner, Brad Garlinghouse even had to handle several lawsuits concerning registration problems. Nevertheless, XRP remains the third-largest by market cap.

Bitcoin, the first and the most commonly known cryptocurrency in the world is not a perfect currency for every use. It now faces stiff competition from alternative currencies (altcoins) such as Ether, XRP, Tether, Litecoin, among others in terms of market capitalization as well as the amount of data stored on its blockchain.

Stellar cryptocurrency is becoming more widespread, as global giants show support for the coin. Now, XLM has been adopted by the UK-payment operator Revolut.

After the incursion into the $248 and $245 highs, Ethereum bulls failed to push ETH above the $253 overhead resistance. Yesterday, the price dropped to $238 low after buyers failed to breach the $245 resistance.

The cryptocurrency market has shown itself as one of the most volatile markets in the world. Bitcoin and altcoin price daily fluctuations sometimes vary from 4% to 40%. Most of the traders have to struggle with such a high volatility level and keep on earning instead of losing.

DASH price has been trapped between $60 and $90 price levels since April. For the past month, buyers have been making attempts to break the $80 resistance but to no avail.

Although only lazybones haven’t heard of cryptocurrency yet, society generally still lacks awareness about this type of money. Nevertheless, the number of newcomers to the industry grows on a daily basis. But where to start before investing your money and risking to lose it all?