Analysis

Cryptocurrency Rally Seems To Be On as Markets Surge, Bitcoin Past $3,900

Cryptocurrency Rally Seems To Be On as Markets Surge, Bitcoin Past $3,900

The cryptocurrency markets are currently seeing a lot of green, virtually across the board. This comes as many cryptocurrencies are surging to highs not seen for several weeks, and Bitcoin has passed the $3,900 barrier.

Moreover, the total cryptocurrency market capitalization is up a massive 8.97% over the past 24 hours. At the time of writing, the total market capitalization is currently sitting at just over $132.5 billion. This sudden increase is lending some credence to the notion that the cryptocurrency market may have just reversed its long-time negative market sentiment.

Furthermore, the total intraday trade volume has also seen a significant surge. Specifically, it has increased by a staggering 57.98% over the last 24 hours, putting it at over $33.2 billion. The following market visualization, from Coin360, shows how practically the entire cryptocurrency market is currently in the green.

Bitcoin price past $3,900

The previous market visualization pegs the Bitcoin price at $3,906.85 at the time of writing – constituting an intraday increase of 7.67%. Moreover, the price of Bitcoin has risen steadily throughout the day.

Ledger Nano S - The secure hardware wallet

Specifically, this price chart – from CoinDesk – illustrates Bitcoin’s intraday performance. It becomes quite clear that this price rally comes as part of a broader intraday trend, rather than a sudden uptick. As such, it is quite possible that this signals bullish market sentiment – rather than a sporadic market blip.

Moreover, Bitcoin remains at high levels despite the price rally slowing down during the past few hours. Nevertheless, some are cautioning that the explosive breakout of Bitcoin could potentially lead to adverse effects.

If bullish sentiment continues to snowball, Bitcoin could potentially face a ”long squeeze” – which would involve a swift pullback in Bitcoin prices, if a potential unwinding of long positions is realized.

Ethereum past $143

Ethereum is also following in the wake of this green wave, with its price surging to $143.19 at the time of writing. The following price chart, from CoinDesk, shows that Ethereum’s intraday performance has been largely akin to that of Bitcoin.

Furthermore, Ethereum reached price levels of over $145 at one point – but has since fallen somewhat. Nonetheless, Ethereum’s price surge over the past day nonetheless translates to an impressive increase of 12.20%.

Green across the board

Virtually all other cryptocurrencies are also joining in this price rally. At the time of writing, Ripple is trading at $0.3252 – which is an intraday increase of 8.32%. Moreover, Bitcoin Cash has increased by a sizable 16.41%, to $142.09.

EOS is also one of the past day’s biggest winners, as its price has boomed to $3.52 following a 25.02% increase. Litecoin is currently trading at $47.97, following a 10.8% soar.

Furthermore, Stellar is trading at $0.08264 after an increase of 5.46%. Tron has also surged during the past 24 hours, to levels of $0.02535 – translating to intraday gains of 7.35%.

Image Source: “Flickr”

Ledger Nano S - The secure hardware wallet