Bitcoin is currently experiencing a mini-rally that has seen its price increase above the price of $ 4,000. This increase is indicative of what is currently a day of positive price movements from many coins in the market.
Up to $ 400 and count
The first-class cryptocurrency started the day trading at $ 3,800, but has since added $ 400 in a few hours to get back over $ 4000. At press time, BTC seems set for an assault on $ 4,500. However, the volume of opening short positions at the time may cause a rejection of more than $ 4,500.
The rally today sees the BTC increase by more than 12 percent in the last 24-hour trading period. About fifteen days ago, Bitcoin and the rest of the market began to record sharp drops in price. BTC has since fallen below both $ 6,000, $ 5,000 and $ 4,000 in quick succession.
After falling below $ 4000 on the previous Saturday, the first-class cryptocurrency tested twice the psychological level of $ 3,500. BTC was able to back up on both occasions, setting consecutive maximum levels. This current mini-rally seems to be an extension of the second attempt to test $ 3,500.
In addition to BTC, the altcoin market is also enjoying significant gains in price with all the top ten coins in the green and at the time of printing. Stellar (XLM) and Monero (XMR) are the best gainers among high-ranking coins. Both cryptocurrencies have risen by more than 16 percent in the last 24 hours.
After almost falling below $ 100 on Sunday (November 25th, 2018), Ethereum ranked third earned 12%, bringing its price to $ 120. Verge (XVG), TRON (TRX) and ICON (ICX) are the best gainers in the top 100 coins. The trio gained 43%, 25% and 22% respectively.
No Bitcoin ETF approval, says SEC
Wednesday's price boost also comes as president of the SEC; Jay Clayton seemed to be less enthusiastic about BTC's ETFs. According to the head of the SEC, the Commission will approve any cryptocurrency ETF unless the market undergoes significant improvements in terms of investor protection and price manipulation.
The bear market seems not to have seriously compromised the enthusiasm of BTC enthusiasts and institutional players. Stakeholders such as Anthony Pompliano of Morgan Creek and Spencer Bogart of Blockchain Capital argue that the current bear market is not an anathema for BTC's long-term success.
In addition, institutional actors like Nasdaq and Bakkt say they are still moving forward with their plans to offer Bitcoin futures contracts.
Image courtesy of Shutterstock and Coinmarketcap.