Cryptocurrency Market Rebound (It’s Happening Now)

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Contents

Cryptocurrency Market Update: Another Rebound Which May Not Last

FOMO Moments

Markets rebound again, but have a long way to go; Monero, Nem and Zcash rising Bitcoin SV dumping hard.

There has been another rebound today as markets bounce between two low levels. Yesterday’s decline has reversed as that $7 billion has been funneled back into crypto today to take market capitalization back over $130 billion again.

Bitcoin has pulled back the 7% it lost yesterday to take it back above $4,000 again, but only just. BTC hit that support zone of $3,650 for the third time yesterday and bounced off it again. A short spurt a few hours ago has propelled Bitcoin back towards its resistance level at $4,100 which it has also hit a couple of times.

Ethereum is slow to do anything these days though it has been dragged back from the sub $100 cliff by 7% to $115 at the time of writing. It is completely tethered to the movements of Bitcoin at the moment as most cryptos are.

Altcoins are generally in the green during the day’s Asian trading session. The biggest climber in the top ten over the past 24 hours has been Monero, gaining 11% to knock Cardano down to eleventh. Stellar and Litecoin have both clawed back 9%, Bitcoin Cash and EOS have moved very little, and Bitcoin SV has dumped 10% down to $90, sliding back down the chart it only entered yesterday.

Further down in the top twenty Nem and Zcash are making 12%, with Ethereum Classic and Neo close to 10% on the day. Continuing to fall back down the market cap charts along with Cardano is VeChain and OmiseGO.

Big fomo driven pumps at the fat end of the top one hundred altcoins list are happening for Bitcoin Private. A listing on Changehero has boosted BTCP which is up over 30% at the moment. Zilliqa, Digibyte and Verge are all making more than 17% on the day. Joining Bitcoin SV at the messy end of the table is Factom and ODEM dumping all recent gains in a well repeated pattern. There are only a handful of altcoins losing ground today though.

Total crypto market capitalization has gained 5.6% on the day taking it back to $131 billion where it was on Monday. Trade volume is up to $18 billion which is higher than it has been for quite some time, discounting the big purge last week. Since the same time last Wednesday however markets are still down 9%.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

Cryptocurrency Market Rebound (It’s Happening Now)

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Exploring the Bitcoin cryptocurrency market

“A cryptocurrency is digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets”

The cryptocurrency market is as volatile as it’s hot right now. This project uses data from the coinmarketcap API for exploring market capitalization of Bitcoin and other cryptocurrencies.

Cryptocurrency Market Recovers: Bitcoin Price Rebounds to $14,000 on Christmas

On December 25, Christmas day, the bitcoin price rebounded to $14,000 after recording a major correction that sent its value plummeting to $11,500. Bitcoin Optimistic Short-Term Price Trend Overall, the cryptocurrency market recovered from a correction that occured on December 23, in merely 48 hours.…

On December 25, Christmas day, the bitcoin price rebounded to $14,000 after recording a major correction that sent its value plummeting to $11,500.

Bitcoin Optimistic Short-Term Price Trend

Overall, the cryptocurrency market recovered from a correction that occured on December 23, in merely 48 hours. Two days ago, every single cryptocurrency in the market ranging from bitcoin to SingularDTV declined by nearly 50 percent, as the cryptocurrency market lost over $100 billion of its valuation.

Today, the cryptocurrency market cap surged from $488 billion to $550 billion, demonstrating signs of recovery for the first time since last week Tuesday.

Bitcoin recorded a price increase of around 6 percent, with over $10 billion daily trading volume spread across USD-to-BTC and KRW-to-BTC trading platforms such as Bitfinex, Bithumb, Binance, and GDAX.

OKEx, the Hong Kong branch of OKCoin, previously the largest cryptocurrency exchange in China before the crackdown on cryptocurrency trading initiated by the Chinese government, processed around 2.4 percent of global bitcoin trades throughout the past three days, solidifying itself as a leading cryptocurrency exchange.

Other leading Chinese exchanges BTCC and Huobi have also started to process large volumes of trades. Given that OKEx, BTCC, and Huobi Pro have migrated their businesses to Hong Kong, in the upcoming months, analysts predict the Hong Kong market to evolve into a major bitcoin and cryptocurrency exchange market.

In South Korea and Japan, bitcoin is still being traded with high premiums. On Bithumb, South Korea’s largest and the global market’s second biggest exchange, the bitcoin price is being traded at nearly $18,000, with a $3,000 premium, while leading markets like the US are processing bitcoin trades at around $14,500.

Cryptocurrency Market Recovers

Ethereum, Bitcoin Cash, Cardano, Monero, and Zcash have also recorded major gains over the past 24 hours, with Ethereum and Zcash rising by 15 percent and 20 percent respectively. Analysts have attributed the recent recovery of the cryptocurrency market to Christmas and the upcoming New Year’s, as the gathering of families, relatives, and friends has historically led to the surge in the price of bitcoin and other cryptocurrencies in the market.

Throughout the holidays, the demand for bitcoin will likely continue to skyrocket as new individual investors become introduced to the new asset class that is bitcoin and cryptocurrencies. Earlier today, Investopedia, an online dictionary platform for finance keywords, stated that bitcoin has been named the term of the year.

“Bitcoin is named ‘Term of the Year’ by Investopedia as measured by search volume and percentage gains over the course of the year. Perhaps unsurprisingly, ‘bitcoin’ cruised to the top spot on the list, beating out terms such as AI, Trumpcare, FAANG and even millennials,” said Blockchain Life.

If new investors flow into the bitcoin market over the next few weeks, more traders would look into cheaper alternatives with lower market caps, as they have the potential to provide higher returns, but with more risks.

“For new investors in crypto, think in market cap. Not price per coin. Market cap gives an estimate of the potential growth. Price per coin doesn’t mean anything as the supply for each altcoin differs. $0.1 per coin doesn’t mean it’s cheap. $100 per coin doesn’t mean it’s expensive,” explained cryptocurrency trader Squeeze.

Featured image from Shutterstock.

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Last modified: January 24, 2020 11:20 PM UTC

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