Ethereum’s Rebound Sways the Entire Crypto Market to the Green Zone

Ethereum’s Rebound Sways the Entire Crypto Market to the Green Zone

All top cryptocurrencies see two-day consecutive green after registering record plunge – worse than the Dot-Com bubble in the early 2000’s. The recovery in Ethereum has triggered a rally in the crypto market whilst entire market cap adds close to $14 billion in two days. Meanwhile, examining the 3-months market trend, Bitcoin and Tether remain the most stable coin among the top 10 cryptocurrencies.

Ethereum Lifts the Entire Crypto Market

The largest cryptocurrency Bitcoin has a history in making quick recoveries on multiples occasions amid thin hopes. Similarly, several altcoins like Ethereum, have shown similar signs, staging a significant comeback from days of declining value.

The world’s second-biggest cryptocurrency Ethereum has snapped the two-day losing streak, to jump over the psychological $200 mark. Investors breathe a sigh of relief as Ethereum recovers from a 16-month low, while also lifting the entire crypto market.

At the time of writing, Ether was changing hands at $209, having appreciated by over 14 percent in the last 48 hours. However, the cryptocurrency is still down by 85% from its year high of $1418 in January.

Meanwhile, on a 48-hour basis, many of the top crypto tokens have entered the green zone, with Ethereum and EOS registering biggest gains. The combined value of cryptocurrencies has surged by as much as 7% to $203 billion, according to CoinMarketCap.

Bitcoin Is Stable Than Altcoins

Surprisingly, taking into account the last 3 months track record, the majority of the top 20 cryptocurrencies have recorded colossal double-digit falls. The only exceptions have been Bitcoin, Tether and Dogecoin. Dogecoin, the parody coin that began as a gimmick, has grown by 119% over the course of the last three months.

Subsequently, for the past 3-month timeframe Bitcoin has been stable compared to the other altcoins. Bitcoins rising dominance, currently at 56%, is an indication to investors preferences over altcoins. The leading cryptocurrency is trading almost at the same level where it was before 3 months. The cryptocurrency did cross the $8,000 mark, only to drop and fluctuate between $6,400- $6,500.

The future promise of cryptocurrencies is mostly dependent on Bitcoin and Ethereum. Meanwhile, regulations surrounding the top cryptocurrencies will set the overall sentiment in the trading market. Concurrently, cryptocurrencies pace of mainstream adoption will also be a driving factor of cryptocurrency prices. However, another rising concern is institutional investors getting cold feet – the recent move from investment bank heavyweight Goldman Sachs to drop the plan to open a trading desk.

Will cryptocurrencies be able to continue the upward momentum? Share your views in the comments section.

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