The latest cryptocurrency news show Bitcoin and Ethereum from another perspective. Despite the recent market correction and the slide which saw the market lose around $17 billion, BTC and ETH have rallied nearly $1,000 in a matter of a single hour at the start of this month.
This movement was featured on most of the best cryptocurrency news sites and was able to drag the crypto market along with it. As the altcoin news then showed, many altcoins managed to increase their trading volume and total market capitalizations because of Bitcoin and Ethereum, accordingly.
Ripple, Litecoin, Bitcoin Cash…Many altcoins benefited from the rally, which was seen as the end to the bear market bottoms and finally positive news coming following the “crypto winter” that was pronounced and accented a lot over the past couple of months.
Meanwhile, Bitcoin and Ethereum reached levels that weren’t witnessed since the 2017 peak trading volume.
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In more detail, BTC’s parabolic advance was broken at the tail end of 2017 with its all-time high of $20,000 which has become a distant memory. However, the trading volumes and the momentum that has built up showed that BTC and ETH have regained their ability to surge during short amounts of time.
Throughout the 2018-2019 bear market, we saw volume continually diminishing. Everything began to ramp during the fall through $6,000 but quickly dropped back to the low levels. In what’s seen as the longest bear market for Bitcoin on record, a major trend change occurred during last week’s rally. This took Bitcoin’s price from $4,200 to $5,200 in a matter of one hour – proving that bullish action may be on the corner.
According to experts as well as certain indicators, Bitcoin and Ethereum went through a reversal that was legitimate – but bears have yet to give up – which is mostly evident in the latest pullback.
We’ll see what the rest of the day and tomorrow brings for the crypto market and if BTC and ETH are able to quickly recover from their recent downfall.
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