Bitcoin Makes Amazing Recovery From 7-Month Low With a 15% Jump in One Day

Siamak Masnavi

Even by the standards of the crypto market, Wednesday (December 18) was a very unusual day for Bitcoin with a 15% jump in one day AND a 6% "round trip" in 10 seconds. 

So, here is a quick recap.

According to data from CryptoCompare, Bitcoin started yesterday (December 18) at $6,629, and three hours later, it had gone up by $100. Bitcoin then started falling and kept on falling until 13:20 UTC by which time it had reached $6,466, which is the lowest level it has been since May 11.

BTC-USD One Chart on 19 Dec 2019.png

Bitcoin below $6,500 was too good a bargain for the bulls to ignore, and as they moved in, Bitcoin started its amazing recovery. By 22:55 UTC, Bitcoin had managed to bounce almost 15% from its intraday low to $7,413 (the intraday high for December 18).

One of the adjectives used to describe yesterday's price action was "thrilling". For example, crypto analyst Tuur Demeester, Editor-in-Chief of Adamant Research and Founder of Bitcoin alpha fund Adamant Capital, seemed excited about seeing Bitcoin potentially establish a bottom for 2019:

As for macro economist and crypto analyst/trader Alex Krüger, he was even more excited after witnessing around 23:00 UTC (on December 18) a very rare event -- a 6% "round trip" in under 10 seconds -- that he referred to as a "(unlevered) Traders' Paradise": 

Although Bitcoin has given up some of yesterday's gains, as of 07:55 UTC on Thursday (December 19), it is trading around $7,120, up 7.22% in the past 24-hour period.  

Although there are still 13 days until the end of 2019, many Bitcoin HOLDers are taking yesterday's "excellent adventure" as supporting evidence for the following belief: although more highly volatile days might lie ahead in the run-up to the next block reward halving on 14 May 2020, there is no need for fear and panic despite what the Crypto Fear & Greed Index is saying at the time.

Featured Image Credit: Photo via Pixabay.com

Crypto Market Update for 24 February 2020: BTC, ETH, ADA, and TRX

Siamak Masnavi

This article provides an overview of how Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and TRON (TRX) have been doing over the past 24-hour period, and covers recent news that might have affected their prices (or might do so in the future).

To give you a rough idea of how well the crypto markets are doing today, 18 out of the top 20 cryptoassets (by market cap) are currently in the red (against the dollar).

All market data used in this article was taken around 10:00 UTC on 24 February 2020 from CryptoCompare, which also provided the price charts shown in this article.

Bitcoin

BTC-USD 24 Hour Chart on 24 Feb 2020.png

BTC-USD is trading at $9,715. This means that the Bitcoin price has been under the $10K level since February 20. Still, Bitcoin has still managed to gain +37.60% against USD in the year-to-date (YTD) period.

As for why Bitcoin is having trouble breaking through the $10K level, one theory is that Bitcoin is currently being seen more as a "risk-on" rather a "risk-off" asset; another is that Bitcoin whales are manipulating the market.

Here is prominent crypto analyst/trader Josh Rager with some technical analysis of Bitcoin's latest price action:

Ethereum

ETH-USD 24 Hour Chart on 24 Feb 2020.png

ETH-USD is trading at $265.99. Although ETH-USD has dropped 0.92% in the past seven-day period, for the YTD period, it is up +103.37%.

Cardano

ADA-USD 24 Hour Chart on 24 Feb 2020.png

ADA-USD set a six-month high on February 14 when it hit $0.07083. Since then, it's been going downhill.

Although the 7-day and 10-day pictures look bad, Cardano's return-on-investment (ROI) figures (against USD) for the 30-day, YTD, and 90-day periods look quite decent, being +36.99%, +76.77%, and +60.44% respectively.

On February 21, IOHK tweeted that the Cardano network had successfully carried out a scheduled network upgrade (a hard fork) to bring in Ouroboros BFT (a new consensus mechanism):

 TRON

TRX-USD 24 Hour Chart on 24 Feb 2020.png

TRX-USD is trading at $0.0204, which means that TRON is currently the 16-th most valuable cryptoasset by reported market cap.

TRX-USD has dropped -6.35% in the past 7-day period, but so far in 2020, it is up +54.45%.

Earlier today, in an article for Coindesk, Alexander S. Blum, the Chief Operating Officer of crypto finance firm Two Prime, wrote:

"Viewed through the lens of traditional finance, TRON is acting pretty predictably. It is acquiring more market share through the acquisition of weakened competitors, like BitTorrent, and their networks while promoting their retail financial product. They’re performing a balancing act between being a financial product and a technical one...

"Justin is leading TRON as a for-profit business pretty well. Why does that irk many hardcore developers? For those in the Western world sticking up their noses at TRON, it’s worth reflecting on how deeply elitist it is to judge from a position of pure technical idealism...

"The emergence of TRON in highly competitive Asian markets is commendable. They are pioneering a new business model and creating wealth ex nihilo – out of thin air – because they focus on what works today. Their users share the company’s pragmatism. TRON, EOS and Ripple are pioneering community-centric financial products that offer exciting new models for wealth creation."

Featured Image by "AhmadArdity" via Pixabay.com