The whole cryptocurrency market has been glowing green this week. All the top cryptocurrencies are seeing a double-digit rise right after a double-digit fall. The coins that have gained the most amongst the top includes Monero [XMR], Litecoin [LTC], Stellar [XLM], Ethereum [ETH] and Bitcoin [BTC].
Bitcoin [BTC], the first ever cryptocurrency, which was bleeding in the market since the beginning of this month has finally started to show signs of survival. The coin has witnessed a massive rise of over 12% in the past 24 hours.
Additionally, the cryptocurrency was covered with blood last week as it plunging below the $3000 mark within 15 minutes. This had a huge negative impact on the cryptocurrency market as the majority of the community believed that the coin will not be joining the bull’s rally this year. The lowest point the cryptocurrency touched since its all-time high is $3456, which took place on November 25, 2018.
According to CoinMarketCap, at press time, Bitcoin is trading at $4126 on BitMEX and $4240 on Bitfinex. The coin has a recorded a market cap of $72.6 billion and a trading volume of $6.54 billion. The biggest cryptocurrency by market cap has seen a rise of 3.23% in the past one-hour.
The highest trading volume for the coin is pouring in from BitMEX, the biggest Bitcoin mercantile exchange in the US, with BTC/USD pairs. The second highest is recorded on Coinbene with BTC/USDT trading pairs. Other exchanges that have made it to the top 5 list includes Binance, Bitfinex and OKEx.
The coin has started to trade in the $4000 range after three days. This hike has also resulted in the coin gaining over $7.25 billion in market cap.
Shubham412302, a Redditor said:
“Just a reminder. This is not a bull run.”
“Reminds me of 2017 again”
SuperSelf, another Redditor said:
“Just a reminder, excessively low RSI followed by a double bottom pattern are strong indicators of a market trend reversal.”
Moreover, the week also started with several announcements regarding the cryptocurrency space made by key industrial players. Nasdaq, the second largest stock exchange in New York, is speculated to be launching a Bitcoin Futures platform early next year.
Anthony Pompliano, the Founder of Morgan Creek recently said in an interview:
“There is not enough pain in the cryptocurrency market for the bottom to be called. We haven’t reached true capitulation yet and once that hits, we will know that Bitcoin has bottomed.”