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In the last 24 hours, the crypto market has shown one of the strongest one-day rallies since November, as Bitcoin (BTC) rebounded more than 11% from $ 3,181 to $ 3,541.
EOS, which was the sixth most important cryptocurrency of the past week compared to Tether (USDT) and Stellar (XLM), surpassed Stellar with an incredible 35% growth from $ 1.94 to $ 2.62.
Since reaching its daily peak at $ 2.62, the EOS price has dropped from $ 2.62 to $ 2.42, closing the day's gain to around 25 percent.
What triggered the Bitcoin Rally?
When the price of Bitcoin increased by 11%, most cryptocurrencies and ERC20 tokens recorded significant gains in the 10 to 40% range.
Some analysts have speculated that the compression of short-term contracts on margin trading platforms would lead to most cryptocurrencies, including Bitcoin, which showed oversold conditions to endure a corrective rally.
The upsurge in Bitcoin's 11% prices reversed the short-term market trend, overcoming the free fall trend without significant pressures and sales volumes.
While Bitcoin could potentially rebound from $ 4,000 to $ 5,000 in the coming weeks, a cryptocurrency trader with an online alias "The Crypto Dog" has pointed out that the macro trend remains still bearish.
The macro trend is still bearish – we are not "out of the bear market" There is no confirmation that the final fund is in.
However, this current price action is not bearish and I think it will continue to rise. There is no need to rush a voice, the worst thing is to wait for a great opportunity.
– The Crypto Dog📈 (@TheCryptoDog) December 18, 2018
The trader added that the current turnaround will probably not lead to a historic high and that most rallies could fail in the short term. The dealer said:
"If this becomes mega bullish and we start to reach $ 5,000 to $ 6,000, do not forget that we are in a macro-bear market, it will not rise and come out and move to new ATHs.
However, due to the short-term market trend, the Bitcoin corrective rally was extremely beneficial. With the momentum set by the dominant cryptocurrency, Ripple (XRP), Cardano (ADA) and many other smaller cryptocurrencies have shown significant gains over the US dollar.
Future of the market
Many cryptocurrencies have been recovered in the last 24 hours, but on a monthly or quarterly basis, most digital resources have declined substantially compared to both Bitcoin and the US dollar.
To confirm a correct turnaround in the medium term and a rally, the cryptocurrency market will still have to maintain its momentum for several months. From August to October, for almost three months, the cryptocurrency market has shown its highest level of stability, but a sell-off has reversed the trend, giving rise to a big bearish market.
The timing of the corrective rally, however, during a period when reports have begun to claim the cryptocurrency market have died and will reach zero, it has been superb.
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