In the last 24 hours, followed by the strong price rally of Bitcoin from $ 6,400 to $ 6,750, the cryptography market has rebounded strongly. Cardano and Litecoin, the two largest best performing cryptocurrencies on September 28th, recorded 10 percent earnings.
Within 10 hours, the price of ADA, Cardano's native cryptocurrency, increased from $ 0.078 to 0.0876, more than 12.3%. While the majority of cryptocurrencies have returned slightly after reaching a weekly high, the market has started to rise again.
Ethereum (ETH), which was overtaken by Ripple (XRP) on two occasions in the last week, consolidated its position as the second most important cryptocurrency in the market. The gap between ETH and XRP rose to $ 2 billion, after a 7% increase in the ETH price.
Bitcoin and Ethereum who find the moment
From August to the end of September, ETH has shown lack of momentum and increased sales pressure, most likely due to investor fear that the first coin-supply projects (ICOs) will download ETH on the cryptocurrency exchange market in the months to come.
As reported earlier by some Diar researchers, ICO projects still retain over 38 percent of their ETH holdings held in treasury. Larry Cermak, chief analyst at Diar, said it was unlikely that the sales pressure on Ethereum will decline in the coming months, given the large amount of ICO ETH still under control.
"There is a big misunderstanding about the fact that ICO companies have liquidated most of their holdings in ETH. On average, all these projects have moved or liquidated 62% of the amount initially raised. still hold 38 percent of the amounts initially raised, which in turn creates ETH sales pressures, which are unlikely to go away soon.The price is influenced not only by the mining of ETH but also by ICOs that liquidate to cover their expenses, "Report Diar to read.
It is always possible that ETH will suffer a sudden drop in value, given the likelihood that ICO will liquidate its holdings in the future. But it is also important to consider the 45% correction ETH recorded in the last two months and the oversold conditions that ETH has shown accordingly.
In the last 48 hours, Ethereum has made a strong attempt to exit the region by $ 200, observing a potential rally up to $ 300. Another strong short-term rise could allow ETH to recover from the current band. price, which is likely considering the price trend of ET since mid-August.
Bitcoin is also expected to exceed the resistance score of $ 6.800 in the next 12-24 hours, a move that would allow the dominant cryptocurrency to enter the $ 7,000 region by the end of the week.
Market in a good position
The cryptocurrency market is currently in an ideal position to start a short-term rally. The volume of Bitcoin, Ethereum and most of the major cryptocurrencies remained relatively low throughout the week. In the last 12 hours, the volume of Bitcoin has increased, showing a fair momentum.
Shutterstock foreground image. TradingView Charts.
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