In the past 24 hours, cryptocurrency prices have displayed a strong surge and heavy volumes. The market cap which was on the verge of falling below $100 Billion has reached above $120 billion. Bitcoin price saw a gain of 7% and is trading at $3,829 level. It is likely that new investors are attracted to the market if BTC manages to hold above $3,500 level. However, the region above $3,800 region will offer significant resistance to prices.
Technical Indicators
The 50 day EMA crossed the 100 Day EMA line on the hourly chart. This denotes a bullish development as 50 day EMA would offer strong support to Bitcoin price. While the stochastic indicator depicts a slight pullback, due to strong momentum, it will attract buyers.
Bitcoin Cash
- Bitcoin Cash slipped to the 8th position and is depicting a strong reversal, gaining 25% in the past 24 hours.
- It has once again claimed its three figure price after slipping in the $80 range in the past week.
- At press time, it is trading at $113 and is at 6th position in respect to market cap rank.
Ethereum
- Ethereum also broke the $100 level.
- In the past 24 hours it has gained close to 9 per cent.
Ripple
- Ripple(XRP) gained almost 9.5% in the last 24 hours.
- It is trading at $0.36.
TRON and IOTA
- TRON and IOTA are up by 10% and 14% in the last 24 hours.
While the market shows green signals, it is not a happy news for many. TCU reported on December 15th, Status,open source Ethereum-based mobile app is laying off 25% of it’s staff. The move is due to the recent cryptocurrency market decline.
The question continues to lurk whether it is a dead cat bounce or market continues to hold its gains. Time will be the best judge.
