Cryptos Post Crazy Gains to Close Week
NEW YORK, NY — It seems that the numerous trading insiders who advised that investors troubled by crypto’s crash stay the course and play the long game might have been right all along. Crypto-currencies arose from their slump at the end of last week, posting the biggest gains for both Bitcoin and its rivals in over a month – resulting in an addition of $11 Billion in value. The current market cap of crypto-currencies is now $121.3 Billion USD, just short of its peak, $122 Billion USD.
“The bulk of the rally occurred over a two-hour stretch midday, as bitcoin and the major altcoins catapulted higher,” reported Hacked. “Bitcoin peaked north of $3,700 on most major exchanges and printed a high of $3,800 on Bitfinex. The hourly chart showcases the sharp rise in momentum seen across the RSI and MACD.”
Interestingly (or perhaps naturally), the rally followed a similarly dramatic strengthening by Litecoin, which surged to its highest point since November. The currency experienced a 10% gain before the greater rally, followed by a 20% to keep up with its peers. Many at least partially attribute to the recent announcement from the crypto-currency that it would institute new privacy measures. Ethereum climbed to $119.54, an increase of 14%, almost taking the second spot in the crypto-currency game. Cardano, EOS, IOTA, Monero, and NEO also made gains in the double-digits.
“Okay, let’s calm down the euphoria for a second,” shared DonAlt, a leading crypto-currency analyst to CCN.com. “We just hit the top of the trading range – time to take profits & derisk on both ETH and BTC. That said the violence with which this happened makes me think $4,000 is coming [for Bitcoin].”
CCN, however, does remind their readers of one important thing to keep in mind about that prediction — As positive the corrective rally is, the asset has to test a major resistance level at $4,000 which it has not been able to surpass for weeks. It remains to be seen whether the market can sustain the current level of momentum. But, based on the magnitude in which most cryptocurrencies rallied, the corrective rally the crypto market demonstrated in the last 6 hours could provide the asset class with short-term strength.