The weekend saw Bitcoin hit a new yearly low as it momentarily dropped below the $3,200 level to $3,193. The market also fell victim to low trade volumes over the weekend which only further contributed to the weekends market decline. Though late Sunday night, something began to change. The bears began to flee the market as the bulls marched their way back in.
Over the past two days the market has seen the bounce it so desperately needed. During European trading hours on monday is when the market suddenly saw a steep increase in Bitcoin’s value as it jumped from $3,238 to $3,450 in under an hour. From there it continued to increase until it topped out at $3,592 for the time being. Bitcoin’s price at time of writing is $3,593.
The rest of the market followed suit in experiencing major increases, most notably so was EOS. EOS has been the top performer out of the top ten for over the past 24 hours and is currently sitting at a 21% 24 hours increase. EOS began seeing major increases in value and market cap early monday morning, surging over 30% during the day. The sudden surge bumped EOS up into the #4 position surpassing Stellar and Tether. The reason behind EOS’s sudden jump is unclear, but no one seems to be complaining.
Tether (the previous #4) has since fallen to #6 now behind EOS and Stellar who has also seen major increases and is up over 7% in the past 24 hours. XRP is up over 11% and Ethereum is up over 6% which still leaves it below a $100 valuation which is dangerous territory for this altcoin. The market cap gap between Ethereum and XRP has once again expanded with the market surge with XRP now holding an over $3 billion lead.
Bitcoin SV was one of the few altcoins who did not experience a large gain over the past 24 hours barely staying in the green with a 24 hour gain of just 0.34%.
Total crypto market capitalization has increased over 10% over the past 24 hours raising it from its yearly low to its now market cap nearing $115 billion. Trade volume has jumped from $10 billion to $17 billion resulting in a day where almost all of the top 100 are reporting in the green.
Will this Bull Run Continue?
While the market was in dire need of day where the charts were soaked in green rather than red, the reason for the sudden surge is unclear.Some analysts believe the surge was due to oversold conditions.
Regarding the question if this bull run will continue, the thoughts and opinions are mixed. The majority vote is that Bitcoin’s prices will continue to rise in the short run for a small corrective rally, but that the bears still rule the macro market. For the market to completely rid itself of the bears, it will need to continue this uptrend for several months to recover from its perpetual dropping since November.
Bitcoin has yet managed to remain above its new resistance level of $3,200 it’s unclear if we will be dabbling with the area again anytime soon. Because of the still bearish macro trends, if you are looking to buy now may still not be the time. The big short is still to come… maybe just in time for Christmas.