From December 15, within ten days, the cryptocurrency market added $ 45 billion to its rating as Bitcoin exceeded $ 4,200.
Many analysts are generally positive on the short-term price trend of Bitcoin towards the end of the year, convinced that the dominant cryptocurrency has established a fund.
Prospectus of Bitcoin
Currently, Bitcoin and the overwhelming majority of cryptocurrencies are undoubtedly in a bear market. From its historical high, the price of Bitcoin is still down by 79% and other important cryptographic activities such as Ethereum (ETH) and Ripple (XRP) are down by about 89% compared to historical highs.
On December 23, while the price of Ethereum rose by more than 51% against the US dollar, Alex Kruger, an economist and a cryptocurrency trader, He said:
7 days ago, ETH was down 94% from historic highs. Now, after a 52% increase in 7 days, ETH is only down 91% from historic highs.
For investors to reasonably believe that cryptocurrencies are no longer in a bear market, digital assets should increase by more than 20 to 30 percent against the USD.
Bitcoin, for example, is currently valued at about $ 4200 on fiat-to-cryptocurrency changes. While the resource has erupted from several resistance levels above $ 4,000, a breakout of $ 5,000 is important to confirm a bullish price movement, as analyst Willy Woo explained earlier this month.
"Be aware that the above scenario is conditioned by a rebound to the top to test low $ 5000. Currently, the short-term price action is consolidating into a wedge with hidden accumulation (according to the 39; OBV indicator), this suggests that there is more chance of a move from here, "Woo has explained when the price of Bitcoin was around $ 3,500.
$ 3,120, the lowest Bitcoin point reached in 2018, could have been its bottom, with a decline of 84 percent from its all-time high. However, to confirm a complete turnaround, the business should show strength during the first quarter of 2019, demonstrating several months of consolidation and accumulation.
It could be said that the cryptography market has reached a lower level, as Ethereum co-creator Joseph Lubin pointed out, but it is too early to conclude that the cryptocurrency bear market has come to an end.
However, the strong corrective rally of the main digital assets has eased a significant pressure from the cryptocurrency market, increasing the likelihood of a reversal of potential trend and positive price movements over the Christmas period.
45 percent up
Since mid-December, the cryptocurrency market has increased its valuation from $ 100 billion to $ 145 billion, by 45%.
However, in a big scheme of things, the cryptocurrency market has not yet reached November levels when the market valuation was hovering at $ 220 billion. The market is expected to rebound by 51 percent to recover at $ 220 billion.
With several positive developments related to the industry, including the launch of the Bakkt Bitcoin futures market in January, market participants are anticipating a strong price movement during the first two months of 2019.
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