Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The overall cryptocurrency market posts steady recover on Monday with Ethereum taking the lead by surging over 10%. Take a look if today’s surge sets up the base for the long term recovery.
In the last 24-hours, Ethereum (ETH) has shown a formidable recovery over 10% with its price nearing $140. At the press time, Ethereum is 10.77% trading at $137.31 with a market cap of $14.4 billion. Also, the overall cryptocurrency market is witnessing a splash of green today.
The crypto market added $6 billion in the last 24-hours taking the overall market cap to $126 billion. The much-needed crypto market recovery on Monday comes at a when the near-term market predictions have remained largely gloomy. Also, the ETH price recovery comes just ahead of the Constantinople hard fork scheduled ahead this month.
On the other hand, Bitcoin posted gains of nearly 3% on Monday to move near $3750 price. At the press time, Bitcoin (BTC) is trading at the price of $3747 with a market cap of $65.8 billion. Ripple’s XRP token has also made 3% gains to move above $0.31.
After Ethereum, it’s Bitcoin Cash (BCH) showing the maximum percentage gain of over 7%, in the top ten list. At the press time, BCH is trading at a price of $131 with a market cap of $2.3 billion. EOS, Litecoin, Stellar, and Binance Coin all have shown moderate gains between 2-4%.
Is Crypto Market Ready for a Recovery?
Over the last several months, Bitcoin and other cryptocurrencies have shown sideways movement. A common pattern observed is that after weeks of stability, Bitcoin and the overall crypto market would crash by 5-10%. Thus, based on the historical performance of the last few months, many expected Bitcoin to move towards $3000 after consolidating around $3500 for quite some time.
But historical performance doesn’t always guarantee future performance. On Sunday, February 17, one crypto trader with the online Twitter handle named “Mayne” stated that one cannot be biased for the bearish momentum solely based on the past performance. He wrote:
“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out”.
Today’s recovery has provided much-needed breathing space to investors as the crypto market was under severe performance pressure. Also, another popular cryptocurrency technical analyst named DonAlt expressed optimism for ETH price recovery. He stated that he is more bullish on ETH than Bitcoin.
“I’m incredibly bullish on ETH for the next few weeks. I’d get a cardboard Vitalk cutout if I could just so I have it by my side 24/7. No matter what BTC does ETH will outperform the market in my mind. I’ll use dips as giant buying opportunities”.
With today’s 10% surge, DonAlt adds that Ethereum is currently standing at a crucial resistance. He added:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
It would be interesting to see if today’s recovery sets the foundation for the long-term recovery of the crypto market.