The price of most cryptocurrencies is currently on the rise, with that of bitcoin hitting a new monthly high close to $4,100. The rise is seeing bitcoin’s market share remain intact, as the crypto ecosystem has added $9 billion in a single day.
According to CryptoCompare data bitcoin’s price is up 8.5% in the last 24-hour period, and saw a large green candle about an hour ago that helped it surpass the $4,000 mark. The flagship cryptocurrency kept on rising, and is currently trading at little over $4,100.
The cryptocurrency’s rally comes as reports reveal the bear market hasn’t deterred some prominent figures from being bullish on bitcoin. As CryptoGlobe covered, BitPay’s CEO recently noted that investors “speculating” are a big part of the price, but added mass adoption could come in three to five years.
A study conducted by the University of Cambridge Center for Alternative Finance has also recently noted that bitcoin’s “death” has been greatly exaggerated, as the number of verified crypto users has doubled.
What Analysts Say
Mati Greenspan, a senior market analyst at eToro, recently told CryptoGlobe that we may in the near future see a “Santa Claus rally” as we’re seeing an “excellent setup for the market to try and form a bottom.”
Greenspan explained the crypto rally as a “short covering” one, caused by traders closing their high-risk positions to reduce exposure right before the holidays. As evidence, he pointed out that BCH is up the most.
According to MarketWatch Stephen Innes, the head of Asia Pacific trading at Oanda, has implied he doesn’t see cryptocurrency prices going up for much longer, as these remain hard to value.
Looking at the hand that is dealt, we should expect crypto markets to trade lower until ultimately investors can justify and determine valuations. But even from a cross-asset play with global markets veering south the fact investors can’t pin an intrinsic value on BTC, in my view makes it even less appealing.
Rob Sluymer, a technical strategist at Fundstrat Global Advisors, said those looking at the long-term side of things should note that the 200-week moving average is an indicator to keep an eye on, as if prices fall below it long positions should be closed.
Altcoins: BCH Surges 38% to Surpass EOS As Fourth Largest Crypto
While most altcoins are currently rising, Bitcoin Cash (BCH) has been outperforming all others, as it’s currently up by over 38% in the last 24-hour period, trading at nearly $160. The surge helped the cryptocurrency, which suffered because of a hard fork last month, surpassed EOS to become the fourth largest cryptocurrency by market cap.
EOS itself is nevertheless up 7.2%. The XRP token, which earlier this year surpassed Ethereum’s ether to become the second largest cryptocurrency, is trading at $0.39 after rising 5%, while ETH is up 7.8%, trading at $111.
Privacy-centric cryptos Zcash and Monero are up by 6.5% and 5.5% and are trading at $63 and $51.3 respectively. TRON’s TRX token is up 8.6% as it’s trading at $0.017, while Waves, a token that surged while most others were taking, is up 1.3% to $3.8.