As the value of cryptocurrencies is increasing on a day to day basis from the past ten days and it has gained around $45 billion in such period. Such an upward trend is seen from 15th of December thereby making the market more alive and exciting.
As per the current prevailing scenario, the opinion of a few analysts sounds positive due to change in the bitcoin pricing value.
Although the value of Bitcoin and other cryptocurrencies has increased in the past week, still it is struggling to come out of the current on-going bear market. The bitcoin price is around 79% lows from its all-time high price while the performance of another cryptocurrency such as Ethereum (ETH) and Ripple (XRP) are also not promising and are at approximately 89% lower from their all-time high prices.
Alex Kruger, an economist expert, and a cryptocurrency trader have commented on the Ethereum price when the value rose suddenly by more than 51% against US dollar; he said that “7 days ago ETH was down 94% from all-time highs. Now, after a 52% increase in 7 days, ETH is only down 91% from all-time highs.”
Such increase in the cryptocurrency market has motivated the potential investors and assured them that the bear market would not continue for a long period and the prices will gradually start moving in the north direction.
As per the opinion of one of the analysts Willy Woo, he had said at the beginning of this month when the bitcoin was valued at $3,500: “Be aware the above scenario is contingent on a bounce upwards to test low $5,000s. Currently, the short-term price action is consolidating into a wedge with hidden accumulation (according to the OBV indicator), this suggests there is more probability of an up move from here.”
The lowest point of Bitcoin was $3,120 in 2018 which can be treated as the bottom. However, the slight increase in its price cannot be confirmed that the prices will only move in the upward direction going forward. There should be a proper strategy which should be strong enough to survive in such a bear market, and it becomes very important for the crypto assets to pass through this phase in the first quarter of 2019 positively.
Further, it’s too early to say that bear market with respect to the cryptocurrency market is over as per the statement of Ethereum co-creator Joseph Lubin.
Increase by 45%
The cryptocurrency value is rising in an upward direction from the mid of December and has touched an overall market cap of $145 billion from $100 billion thereby exceeding by 45% from its recent lows which is mind-blowing. However, the value has yet not crossed the November level even though it’s increased by 45%.
In November the value of the cryptocurrency market was $220 billion which shows that the market still needs to cover around another 51% to achieve its November value. Further, investors are now predicting a solid price movement during the first two months of 2019.