[ad_1]
As we prepare for the Christmas and New Year's Eve, the market is steadily gaining momentum. It was an amazing bullish move that swept the market yesterday where gains were visible in terms of market capitalization. The market capitalization not only recovered its position above the $ 100 billion mark, but also closed the day at $ 112 billion. At the time of writing this article, the market underwent an adjustment even higher than the current $ 113 billion. The majority of Crypto, including Ripple (XRP), Ethereum (ET) and EOS (EOS), saw double-digit gains on Monday before canceling some of the gains by the end of the New York trading session. Like most of the businesses on the market, Bitcoin corrected higher, leaving the annual lows to recover positions above $ 3,400 on Monday.
Crypto's greatest success ahead of Christmas Eve
The bullish momentum has marked the return of the bulls as investors have shown themselves smiling and hope that a reversal can reach $ 4,000 and preferably $ 5,000 before the end of the year. However, after Bitcoin passed above $ 3,500, it could not sustain further upward movements above $ 3,547.2 (Tuesday's intraday high). The trend at the moment is still strongly bullish, even if the Bitcoin has slipped below $ 3,500. At the time of writing this article, BTCUSD is trading at $ 3453 up 5.6% on the day. The price is consolidating the gains after a sharp increase; however, we will need to see another bullish turn sooner rather than later to make sure the recovery is here to stay.
The price of Ethereum made a nice bullish move against the US dollar and bitcoin. The third largest digital currency is almost 10% higher since Monday and mostly unchanged from Tuesday due to the contraction in volatility. The strong upward momentum is shrinking as all the major currencies are entering a consolidation phase. In particular, the global recovery of the cryptocurrency market has helped the price of Ethereum to overcome Bitcoin Cash for the first time. Meanwhile, the amount of Ethereum coins in circulation is about six times larger than the supply of Bitcoin Cash coins. In the 1 hour chart, ETH / USD rose to $ 98.90 yesterday, but fell below a significant $ 9 support level. The pair is now trading at $ 91.81 out of 6.82, but the downside is protected by strong support for $ 90 and $ 87 respectively.
<p class = "canvas-text canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "This article it was originally published on FX Empire "data-reactid =" 26 "> This article was originally published on FX Empire
More from FXEMPIRE:
Source link
