The cryptocurrency market rebounds whole market is showing great performance from yesterday. The price of bitcoin spiked from $3,830 to $4,030 by around five percent. The sudden increase in the price of Bitcoin led other major crypto assets to spike in value.
In last 24 hours the other altcoins like Ripple, Bitcoin Cash, Litecoin, EOS, and Stellar recorded gains in the range of 3 to 12 percent on the day, demonstrating solid momentum.
The trend of market is uncertain $7 billion increase in the combined value of cryptocurrencies, the market has initiated a decent short-term price movement.
Bakkt already delayed the launch of its futures market. Hester Peirce, a pro-crypto commissioner, said that investors should not wait on the approval of the ETF as it could be days or years.
The current value of Bitcoin circulating is $4,069. “The Crypto Dog” said, the valuation of cryptocurrencies would have to break out of major resistance levels in the range of $160 billion to $180 billion to call for a convincing short-term rally.
Ethereum (ETH) remains the second-largest cryptocurrency by market cap. The divide between ETH and Ripple (XRP) the third-largest crypto by market cap is increasing. Ethereum’s market cap is currently $15.9 billion, while Ripple’s market cap is $14.5 billion.
The price at which XRP started the week and $0.378, the mid-week high, Ripple is down a fraction of a percent on the day, trading at around $0.357 at press time. On the weekly chart, the current price is lower than $0.366.
Among the top 20 cryptocurrency coins the most notable price action are Litecoin (LTC) which gained almost 8 percent and Cardano (ADA), which is up over 5 percent.
The traders said, “Another day, another lacklustre move. Is this the top? I’m looking for $180 billion if we can turn $140 billion into support, otherwise not much to get excited about just yet.”
The launch of Bakkt has been scheduled, the U.S. Securities and Exchange Commission (SEC)’s decision on the VanEck Bitcoin exchange-traded fund (ETF) filing, and the development of Nasdaq’s Bitcoin futures market that may contribute to a potential rally of cryptocurrencies in the first quarter of 2019.
Chart source: CoinMarketCap