Want To Become A Better Investor?
Yes, I Want To Make More Money
I Do Not Want To Make More Money.
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.