We usually associate Advent with red candles – but a big green one-hour candle helped push Bitcoin back up above $4,000 which is a relief to those with a stake in the biggest name in crypto.
Traders who log on to look at today’s trading session will be pleasantly surprised to see both BTC and ETH experiencing important gains.
After dwindling down to around $3,500, Bitcoin was making a lot of crypto investors distinctly nervous. Now, some interesting trading volume is pushing BTC up.
“The relief rally for Bitcoin is currently in its sixth day with Thursday’s surge second only to Monday’s price gain,” writes Osato Avan Nomayo at CryptoDaily. “A large one-hour green candle sees the top-ranked cryptocurrency breakthrough the $4,000 price barrier for the first time in more than two weeks … On Wednesday, Ethereum World News reported on BTC topping $3,800 and the possibility of a “Santa Claus rally.” BTC is currently up more than 15 percent from its 2018 low of $3,200 … The next question will undoubtedly be how long can BTC sustain the upward momentum.”
At the same time, runner-up Ethereum was also languishing below the hundred-dollar mark, which seemed pretty meager for a coin with that much interest and market capitalization (also much lower than hopeful highs last year).
Today ETH is back up above $100 for the first time in … well, a while.
A joint gain like this is almost sure to move longer-term markets. Cryptocurrency is volatile, and we’re hearing a lot about both the good and the bad all the time. Bitcoin’s rally by itself is a good indicator, but Bitcoin and Ethereum together constitutes a broader trend.
Not only that, but Bitcoin Cash has seen a rise of something like 7% as of today.
That, along with some altcoin gains (i.e. Litecoin), gives investors something to write home about when it comes to cryptocurrency futures.
“All of the remaining top ten on CoinMarketCap are in the green,” writes Marie Huillet over at Cointelegraph after chronicling the recent rise of BTC, ETH and XRP. “Although growth is more tempered, with Litecoin (LTC) up 4.6 percent at close to $32.50 and Stellar (XLM) up 2 percent at $0.12. The remaining coins in the top twenty by market cap are all seeing growth of between 2 and 6 percent. Ethereum Classic (ETC) is the strongest performer, up almost 6 percent at $4.76. Privacy-focused altcoins Monero (XMR) and ZCash (ZEC) are up 4.5 percent, at $51.73 and $63.51 at press time.”
People and governments are bashing cryptocurrency for its instability, its volatility, its dark web nature (Monero) and its decentralization – but at the same time, they’re admitting that the essential nature of blockchain creates key efficiencies for moving money around. So why couldn’t we come to a happy medium at some point in the future? What if tomorrow’s cryptocurrencies are the way business gets done – they just look different?
Keep an eye out for the holidays, as traders continue to put in work overtime to move cryptocurrency markets, and let’s hope for some Christmas cheer.