At the moment the cryptocurrency market is valued at around 540$ billion. The market made a recovery of more than 130$ billion since last few day’s lows. The market made a 10% overall rebound and added 50$ billion to the market cap. The top 10 cryptocurrencies saw an increase in value with some rallying more than others. The only poor performer in the top was Ripple who is still hesitating a bit. Allthough there were pretty good news for them. Ripple signed another two large payment providers. You can read about it in another article.
Other major cryptocurrencies like Bitcoin, Ethereum, Cardano and Stellar have increased in value. A lot of volume and support has come to raise the prices. The prices are volatile and are changing constantly raising and declining, but the gains they recoreded was substantial.
When the market is bullish, significant gains are felt by the currencies that are under the spotlight and are a target of focus. This leads to others being left out like Ripple and IOTA are currently feeling. But also this leads to people buying cryptocurrency at higher price points. When the opposite happens and the market starts falling, many people get scared and sell everything they hold.
These are the two things you should never do: buy high or sell low. That’s why when analyzing statistical information you should consider everything as a factor, but in the same time doubt everything as a speculation. Also you should never rush to make decisions, because other statistical information may be right around the corner.
This article is not a trading advice, only the author’s opinion and analysis. Investing is risky and you should always know what you are doing first! Being uninformed is the best way to lose your capital.
Bitcoin’s price is 11,000$ as of writing this article. During the correction Bitcoin’s price had fallen under 10,000$, but saw a rebound of 10-15% these last few days. This strong performance followed after the corrections. Before that, the cryptocurrency had topped at around 13,000$. At the moment Bitcoin’s market cap is just under 200$ billion, but with a little raise in price it might be back soon over 200$ billion.
Crucial support came for the currency at the 10,000$ mark and recovered its price. Investors defended the important 10,000$ support level. If there is a break under the 10k mark this could mean a bigger decline in price, because the next strong support level is at 8,000$. If this next support level at around 11,500$ holds, we may see a pull back of the price and a change of trend. Going up there are pretty big resistances. That’s why we will have to wait and see if there is another bull run.
Bitcoin’s popularity increased during the corrections. With major currencies suffering 40-50% blows, a lot of investors turned to Bitcoin for its lesser volatility. Despite of this, Bitcoin’s transaction volume decreased by almost 50%. This also led to a decrease of the transaction fees, because the network was not overloaded, even before the implementation of the Segregated Witness (SegWit) protocol by major exchanges.
The adoption of this transaction batching technology will further decrease transaction fees. This will be welcomed by all, since the high transaction volume may return soon. Also the implementation of SegWit may increase Bitcoin’s demand and thus the price.
Ether’s price was hit hard when the major correction struck the market. Ethereum’s price had fallen to a record low of 800$. Since then it achieved a solid rebound and returned to between 1000$ and 1100$. Enormous support has come to stabilize the cryptocurrency. A lot of alt coins suffered directly from Ethereum’s fall, but things are normalizing as we speak. Right now Ethereum’s market cap reached again over 100$ billion in evaluation, which is double from the market cap of Ether’s closest rival-Ripple.
During the corrections Ripple had reached lows of around 0.90$. After that strong support have defended the 1$ support level and raised Ripple’s price by 30-40% to 1.40$. But the resistance going up is pretty large, especially after the 1.70$ mark. The trading will be volatile between the 1.70$ and the 1$ mark, until we see a break out over the higher support level.
The demand for Cardano in Asia is rising in a rapid rate. Japan and South Korea are the biggest investors in ADA and they perceive Cardano as a better competitor to Ethereum. The cryptocurrency is an advanced generation blockchain which also operates as a smart contract protocol. One of the biggest differences between ADA and ETH is that Cardano utilizes a proof-of-stake consensus algorith. Read about Cardano in this short guide.
The biggest volume that is traded is coming from South Korea and Japan. A recovery of the Asian markets will most likely mean an increase of ADA’s price. Asian markets are still waiting for exchanges to open the new user registration. Because of the strong following in Asia, prices of Cardano, Qtum, NEO and EOS may increase with the new users entering the Asian market.
Bitcoin Cash (BCH)
Right now Bitcoin Cash is traded near its lows of 1400$. Some rallies have occurred, raising the price by 30%, but there were not enough support to hold these levels. If the price breaks the 1300$ support level we may see a decrease to the 1100$ level. Until the trend reverses, BCH’s price will become bound.
Stellar (XLM), IOTA (MIOTA), NEO (NEO)
Stellar posted on of the biggest rallies with a 25-30% rally. A big reason for this is because the payment processor Stripe said that they may add support for XLM payments in the future. With the increase in price, Stellar passed Litecoin and is currently staying strong at the 6th spot.
NEO also felt a surge in price before the big correction. The “Chinese Ethereum” is currently hesitating up and down, but the support for it is great. When the Asian markets recover we may see another bull run of NEO.
IOTA is currently being ignored by the community. The critical 3$ support level was broken and IOTA is currently traded under 2.50$. The price of IOTA will probably remain around the 2-3 dollar range for the next days. In order to break up, it will need to break out of the descending trend.
- Security Token Offering (STO) Guide: Everything you need to know about STOs - Feb 28, 2019
- Coinbase Pro is adding Ripple (XRP) support for trading - Feb 27, 2019
- Top ICOs of 2018: Initial Coin Offerings that beat the Crypto Bear’s market - Feb 26, 2019
- Ethereum hard forks Constantinople and St. Petersburg scheduled by the end of the week - Feb 25, 2019
- Ethereum founder and CEO, Vitalik Buterin revealed his non-Ether holdings and revenue sources - Feb 22, 2019