Lending credence to all those who cite the volatility of cryptocurrencies as their key failing and raising hopes of crypto enthusiasts at the same time, the crypto market has staged a dramatic turnaround. After it lost 5 billion dollars from the total market cap yesterday, it has recouped effectively today, adding those 5 billion dollars back within a short time frame of just 1 hour.
With the market finding itself in the green within 24 hours of all 20 top cryptocurrencies (expect stablecoin Tether) crashing, Bitcoin has also made promising gains, nearly testing the $3900 price range.
At the time of writing, and as per data sourced from Coinmarketcap.com, the price of Bitcoin is $3,899.35, registering a 3.44% rise. Experts are hopeful that this might just be the precursor to the top crypto testing support above the $4000 price range. Breaking through that resistance seems to be an essential step before a bull run can become possible.
Barring the last weekend of February, when the total market cap climbed to $140 billion, the crypto market this year has remained around the $132 billion range it is in now since the middle of last month.
A bull run still does not seem to be on the cards very soon but the fact that Bitcoin is making attempts to break past resistance points does inspire a certain degree of hope.
Litecoin and Binance Coin have been at the forefront of this recent upswing. Litecoin or LTC, at the time of writing, is registering a 14.76% rise to $53.41.
Binance Coin (BNB) has jumped at a higher rate, rising to a $13.35 price point with a 17.57% increase. EOS, which was registering an 8.82% fall yesterday, has jumped back by 14.82% today.
In an absolute reversal since yesterday, all top 20 cryptocurrencies except Tether are in the green currently. Will the market recover enough to support a bull run? Although that seems somewhat unlikely at present, it surely does not hurt to hope.
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