Crypto Market Continues Recovery

Aug 19, 2018 at 06:57 Update Date :Aug 19, 2018 at 06:57 UTC

The values of major digital currencies and coins continue to rise as the crypto-market has kept to the path of recovery over the last 24 hours.

Bitcoin recorded a 1% rise, while Ripple, BTC Cash, Ethereum and EOS showed 9%, 8%, 4%, and 11% gains respectively. These new figures have pushed the full cap of the crypto-market to about $220 billion.

The best performances in the global crypto markets continue to be tokens. Nebulas, Aion, Ta Ta Tu, EOS, and Ontology have all recorded gains of 11-63% against the US Dollar, making bug profits against Bitcoin and Ethereum as well.

The total volumes of major cryptos like BTC, ETH, XRP, and BTC Cash have not shown big gains in the previous week. The volumes of Ethereum (about $1.9 billion) and Bitcoin (about $4.3 billion) are actually less than when recorded last week, as Bitcoin fell below $6,000 and Ethereum to $250.

The recent surge of the crypto-market can be attributed to the beginning of a “corrective rally”, something that Bitcoin has successfully done for the past 9 years. Every time its price fell by 70-90%, it would shoot right back up to reach its highest price yet in a mid-term rally.

A superfast increase in the price of the coins over a short period of time usually means a strong mid-term rally. Some analysts have said that the value of BTC might just get back to the $9,000 mark in the near future because of this new momentum.

“Personally, I am bullish, and by the time the outline of the regulations will come together in October, those investors who will feel safer will come back. I hope things won’t get as overheated as last year, but I believe BTC can win back the value of 1 million yen (9,020$) in range,” said the Japanese cryptocurrency analyst Masayuki Tashiro.

If the future movement of the Bitcoin graph follows the trend seen back in February, April, and June, Bitcoin might just actually push through the $9,000 resistance after all, with a possibility of touching $10,000 by the mid-term.

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