It was only hours ago that the cryptocurrency market was stagnant after the price dip last week. Now, it looks like in a matter of hours the overall cryptocurrency market cap gained roughly $15 billion causing most cryptos to rise.
Things in crypto move fast. One day, prices may drop significantly causing panic among traders, and next week the market may rise in a matter of hours erasing any losses for the whole month.
That is exactly what happened just an hour ago when the cryptocurrency market gained over $15 billion in value within an hour. As you might have guessed, most cryptocurrencies are in the green today, except for one – Tether – which is down 2% at the time of writing.
The irony of the situation is that Tether is supposed to be a stablecoin that has minimal volatility. While that is usually the case, today is different. What might be causing the price slide for USDT are all the funds flowing from the currency back into the volatile crypto markets. At the end of the day, those are good news because more funds flowing into crypto will only lead to more bullish momentum.
Currently, Bitcoin is trading at $6,697, up 5.74% in the past 24 hours. The currency actually spiked to $7,600 on Bitfinex for a second, noting a $1000 gain in only 2 hours! Take a look at the below chart, it is simply beautiful to look at:
Ethereum is surprisingly up a hefty 6.4% and trading at $218 even though the recent Constantinople fork that was scheduled to go live on the testnet this past weekend ended up stalling the Ropsten network for a few hours. Currently the testnet is running once again, but the status of the fork is unclear.
Ethereum’s price followed a similar pattern as the grandfather of cryptocurrencies, spiking to over $230, then settling at the current price of $218. The ideal situation for ETH would be to climb a bit higher to $225 and establish a new support line at that level, the next few hours are critical.
While both Bitcoin and Ethereum dumped slightly before the run up, XRP had the most significant drop prior to the pump. In fact, XRP’s price flash crashed to $0.4 before pumping all the way up to $0.51. These days, it seems XRP is one of the toughest markets to day trade, and if you tend to trade on emotions, personally I would remain extra vigilant when trading XRP.
Take a look at the below chart that shows the bear trap right before the massive run up:
So far it seems that both BTC, ETH, and XRP are noting similar gains of roughly 5%. It looks like the market for all three cryptos is looking to establish support at new highs so the next few hours are going to be critical for figuring out new S&R levels.
If you haven’t already, vote on our twitter poll for which currency you think will perform the best this week:
Which of these three cryptocurrencies do you think will perform the best next week? #bitcoin #ethereum #xrp
— Null TX (@nulltxnews) October 14, 2018
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Cryptocurrency charts by Tradingview