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The value of Bitcoin and other cryptocurrencies continues to dominate the news throughout the digital currency industry. It has also spilled over into general financial news given the crazy roller-coaster ride it has been on for well over a year.
From the staggering values approaching $20,000 in late 2017, to current values struggling to stay above the $3,600 mark in recent trading, it has been one crazy ride. According to ArmyOfBitcoin.com, a midweek boost in Bitcoin value pushing $3,800 has once again added some bullish momentum to the entire crypto market.
Bitcoin (BTC) remains the biggest player, but a slight upward tick for altcoins as well is an encouraging sign. In early trading on Wednesday, market signs signal that the gain could push towards $3,900 or even $4,000 if the rally is sustained. Just a few days ago, support above $3,660 was a valid concern.
Bull rallies followed by bearish retreats have been a common pattern for quite some time now in the crypto market. The overall trend has taken a downward path starting in early 2018 and continuing into the first few months of this year.
Another major crypto Ethereum (ETH) is also trending upward to levels pushing $140 as the new resistance. It already broke the $132 and the $135 level in this bullish climb.
Even if the rally to $4,000 for BTC cannot be sustained as the trading week draws to a close, bulls are hoping that the new support level would hold at $3,800. At this point, any sustainable gain would be good news for the overall values of cryptos in a very unstable market. If that level does not hold, a drop back to $3,750 would be the next support level.
According to an earlier report on ArmyOfBitcoin.com, Monday’s gain alone pumped $5 billion back into the overall crypto market value that was previously lost in past declines. That represented a 2.88 percent gain in the value of BTC. This crypto still accounts for more 50 percent of the total market value. ETH showed a seven percent gain over the same time frame with Ripple (XRP) gaining three percent as the third biggest crypto in the market.
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