Cryptographic markets woke up today, earning over $ 10 billion in just 2 hours. Most cryptocurrencies are back in the double-digit earnings supported by the green. Ethereum rises by almost 20%, Bitcoin Cash and EOS increased by 15% and XRP increased by 10%.
As the New Year approaches, many are hoping for new beginnings in the form of a bullish market. The 2018 was quite brutal, most cryptocurrencies lost more than 80% in value terms and the bear market has led many companies scrambled to make firings or interruptions altogether.
Christmas proved to be a rather volatile period in which the market pumped over 20% before the holidays and canceled those gains the following day. Unfortunately, the nephew ended up stealing Christmas from the cryptocurrency markets. Only time will tell if the same will happen with the current rally.
The extra momentum for Ethereum could be attributed to Arthur Hayes's interview with Cointelegraph Japan, where he claimed to believe that ICOs will return and have predicted that ETH will reach $ 200 in 12-18 months. This is a rather conservative prediction that most probably will not come true. After all, Ethereum was $ 200 in November, which is not that far.
Even with the recent peak, Ethereum is still around the $ 1 billion value behind XRP. However, briefly today the gap was closer to $ 500 million, which suggests that Ethereum could still exceed XRP for its position no. 2 in the near future.
Ethereum has participated in a crazy rally not just today, but last week. In fact, looking at the table above we can see ETH triumphing every other top 10 coin in 7-day earnings – up 27% in the last week. On the other hand, it seems that Bitcoin Cash and Bitcoin SV are the only two currencies in the top 10 that have lost more than 10% in value in the last 7 days.
The current market capitalization for cryptocurrencies is $ 132 billion, it seems that the markets are not moving so much at this time compared to a few hours ago when the sudden upward rush pushed the market towards the 39; high.
Currently, BTC is trading at $ 3,945 and is preparing to test $ 4,000 again, which should bring more volatility once that happens. While the weekends were usually slow in the past when it comes to market movements, because this is a holiday weekend things could be more interesting.
Disclaimer: this is not about trading or investment advice. The article above is for entertainment and training purposes only. Please do your own research before buying or investing in any cryptocurrency.