The cryptocurrency market is steadily recovering, Ethereum has grown by more than 10%. Does this mean that today's wave is the basis for long-term recovery?
Market analysis
Over the past 24 hours, Ethereum (ETH) has shown a significant recovery, more than 10%, its price is approaching $ 140. At the time of writing, Ethereum registered a growth of 10.77%; the cryptocurrency is trading at $ 137.31 with a market capitalization of $ 14.4 billion.
Crypto-Rives has grown by $ 6 billion over the past 24 hours, with a total market capitalization of $ 126 billion. The much-needed market recovery began at a time when short-term forecasts for the most part did not promise this. In addition, the restoration is a little earlier than the hard forks planned for this month.
On the other hand, Bitcoin grew by almost 3%, approaching the price of $ 3,750. At the time of writing, Bitcoin (BTC) is trading at a price of $ 3,747 with a market capitalization of $ 65.8 billion. Ripple's XRP token also reached 3% of profit and rose above $ 0.31.
Bitcoin Cash (BCH) shows more than 7% growth. Now BCH is trading at a price of $ 131 with a market capitalization of $ 2.3 billion. EOS, Litecoin, Stellar and Binance Coin showed a moderate increase between 2-4%.
Is the market ready for recovery?
Over the past few months, bitcoin and other cryptocurrency courses have not made sharp jumps. After several weeks of stability, it was assumed that Bitcoin and the rest of the cryptotells would collapse by 5-10%. Based on the performance of the last few months, many expected that Bitcoin would move to $ 3000 after consolidating around $ 3,500 for some time.
But the story does not always guarantee repetition. On Sunday, February 17, one crypto trader on Twitter under the nickname “Mayne” said that one should not discriminate against the bearish impulse, based only on indicators of previous years. He wrote:
“There have been several bullish interceptions from ETH, BTC and altcoins in the last 2 weeks. Is bear market over? May be. Traders should feel a high degree of uncertainty, due to which the market can quickly change the bias. If you stand in one place with a bear lens, you miss the current moment. ”
Today’s recovery provided a much-needed respite to investors, as the cryptographic market was under heavy pressure. Another popular cryptanalyst named DonAlt expressed optimism about the restoration of the price of ETH. He said that bulls are more active now on the ETH market, and not on BTC.
“I am incredibly tuned to ETH for the next few weeks. I would make a cardboard cutout of Vitalik, if I could, that he was with me 24/7. No matter what BTC does, ETH will surpass the market, in my opinion. I will use the dips as giant buying opportunities. ”
After today's 10% surge, DonAlt added that Ethereum currently has a decisive resistance:
It would be interesting to see if today's recovery lays the foundation for a long-term recovery of a cryptographic market.
