As we get ready for the Christmas and New Year’s recess, the market is steadily gaining momentum. There was an incredible bullish move that swept across the market yesterday where gains were visible in terms of market capitalization. The market cap not only reclaimed position above the $100 billion mark, but also closed the day at $112 billon. At the time of writing, the market has corrected even higher to the current $113 billion. Majority of crypto’s including Ripple (XRP), Ethereum (ET), and EOS (EOS) saw double-digit gains on Monday before erasing some of the gains by the end of New York’s trading session. Like the majority of the assets in the market, Bitcoin corrected higher leaving the annual lows to reclaim position above $3,400 on Monday.
Major Crypto’s Gain Momentum Ahead of Christmas Eve
The bullish momentum marked the return of the bulls as the investors faces shown with smile and hope that a reversal can make it $4,000 and preferably $5,000 before the end of the year. However, after Bitcoin stepped above $3,500, it could not sustain further upside move past $3,547.2 (intraday high on Tuesday). The trend at the moment is still strongly bullish although Bitcoin has slipped below $3,500. As of writing this article, BTCUSD is trading at $3453 up by 5.66% on the day. The price is consolidating gains after a strong rise; however, we will need to see another bullish breakthrough sooner rather than later to make sure that the recovery is here to stay.
Ethereum price made a nice bullish move against the US Dollar and bitcoin. The third largest digital coin is nearly 10% higher since this time on Monday and mostly unchanged since the beginning of Tuesday amid shrinking volatility. Strong upside momentum is subsiding as all major coins are entering a consolidation phase. Notably, the global recovery of the cryptocurrency market helped Ethereum price surpass Bitcoin Cash for the first time ever. Meanwhile, the amount of Ethereum coins in circulation is about six times bigger than Bitcoin Cash coins supply. On the 1-hour chart, ETH/USD topped at $98.90 yesterday but dropped below an important support level $9 handle. As of now the pair is trading at $91.81 up by 6.82 but downside is protected by strong support at $90 & $87 handle respectively.
This article was originally posted on FX Empire
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