Bitcoin prices continue to surge this morning as Bitcoin is up 8% in the past 24 hours and over 18% since monday morning. At time of writing Bitcoin is valued at $3,850, the first time it has surpassed the $3,800 mark since December 5th. With this sudden rise Bitcoin has begun to test new major resistance levels such as $3,800, $4,000 and $4,150.
Most other altcoins have continued to see steady increases including XRP up 12%, Ethereum 11% and Stellar 11%. EOS has increased 4% over the past 24 hours and has continued to hold its lead over Stellar and Tether.
Today’s top performing coin is Bitcoin Cash which. This is a level it has not seen since December 5th but is still far from its pre hard fork valuation of over $350.
What’s going on?
The reason for the sudden surge in the market is because of the oversold conditions that were created during the time when there was a steep sell off with falling prices but no market pressure. Investors who chose to short the market back in last December at its peak, are now beginning to sell off.
The current corrective really has allowed the market to gain some breathing room between itself and dropping off the $100 billion valuation mark. Whether this corrective rally will continue or not is unclear at this time. While prices are continuing to climb, the overall macro trend is still bearish.
The sudden surge in altcoin prices such as EOS, BCH and Stellar all represent the idea that investors are becoming more comfortable with investing in higher risk tokens. If adoption levels increase for these major altcoins it will give the market a better chance of once again finding stability.