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After a period of several days of relative stability in the cryptocurrency markets, Bitcoin has now increased by almost 4%, which is leading the global crypto market to rise. Today's positive price move is driven by Ethereum, which is currently trading well over 10%.
Today's move marks the first wave of the 2019 market, although Bitcoin faces a historical resistance of around $ 4000, which could prove to be a difficult level to overcome.
Crypto Markets adds $ 7 billion from daily lows
Today's price hike has led cryptographic markets to add over $ 7 billion to their aggregate market capitalization, which has moved from daily lows of $ 125 million to its current levels of nearly $ 133 billion.
Bitcoin is naturally leading the market direction and currently negotiates a 4.4% increase to the current price of $ 3,900. This was a relatively volatile week for the price of Bitcoin, which fell to $ 3,600 lows before rising to a maximum of nearly $ 4,000.
During its latest price increase, Bitcoin seemed to treat $ 4,000 as a resistance level, as its price was quickly pushed down after touching this level. More time is needed to see if Bitcoin will be able to maintain its current momentum upwards and exceed $ 4,000 during its current price increase.
Altcoins Surge, Ethereum leads the way
The increase in Bitcoin prices has allowed Altcoin markets to see some decent gains, with Ethereum and EOS representing today's best performing cryptocurrencies.
At the time of writing, Ethereum traded 13% at the current price of $ 152. Ethereum approaches its one-month highs of $ 156, which can serve as a resistance level. Ethereum is trading up 83% from the monthly lows of $ 83.
The massive rise in prices of Ethereum in the last month is the likely result of two primary factors, consisting of an oversold territory at the beginning of this month, and its upcoming fork Constantinople, which will reduce its block-blocks and , in turn, will reduce the new Ethereum offer.
Alex Krüger, an economist who focuses primarily on cryptocurrencies, has linked Ethereum's performance directly to this event, saying in a recent tweet that the reduction in supply will be a bullish event.
"Remarkable outperformance of $ ETH over $ BTC in recent weeks.There is a reason for this: the next fork / bid reduction.Another BAKKT delay is added to it," he said.
In the past, Krüger has spoken extensively of the fork of Constantinople, which should occur around January 16 of this year, say:
"The fork of Ethereum Constantinople will arrive on the 7080000 block, around January 16, 2019. Constantinople will reduce the block premiums from 3 to 2, thus decreasing the new supply of $ ETH … In the long run, this is definitely bullish."
Ethereum has now reconquered position number two by market capitalization from XRP.
The XRP is slightly outperforming Bitcoin and is trading nearly 6% at the current price of $ 0.374.
EOS is also having a good day and is trading over 10% at the current price of $ 2.84.
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