It’s mid-week and the bulls have continued to show their strength. Since the bears descended on the market last week, they have wiped out more than $50 billion. One of the worst affected coins has been Ethereum but the crypto market has now gained over $10 billion in the last few hours, pushing its market cap to $270 billion at press time.
Ethereum, which is the largest altcoin by market cap, has in the past few days suffered losses in double digits. In the last few hours, the coin has reversed this trend and is currently up over 8%. This has seen the asset climb just above $215.
Massive Gains Across The Market
Bitcoin, the crypto boss, had dropped from highs of $12K to under $10K as we have been reporting. At the time of press, Bitcoin is striving to get back above $10k as its currently up over 4% and trading at $9,914.
For a few hours yesterday, the bulls seemed to have made a comeback. Bitcoin recorded moderate gains for some time but the bears soon put a stop to that. During this time, Bitcoin climbed to nearly $11K before sliding all the way below $10K.
XRP, on the other hand, is also headed upwards as it records a gain of more than 7%. In the last couple of hours, it has slipped above $0.31. This story repeats itself all through the market with almost all cryptocurrencies in the top 10 gaining more than 10% and hitting back above key support positions.
For some analysts, as we reported, these numbers come as no surprise. However, they warn that the continued bearish trend of the same, could trigger reverse sell-offs and see prices fall below expected levels. For Bitcoin, staying above $9K is key for its next major bullish move.
Crucial For Ethereum (ETH) To Maintain $200
Like most altcoins, Ethereum is currently above a crucial support position. This is possibly because altcoins continue to lack strong support. Most investors are currently holding Bitcoin as its dominance continues to edge closer to 70%, leaving altcoins vulnerable to massive drops.
What Triggered The Drop?
The latest drop came in the wake of new aim at crypto and in particular, Libra. Following the criticism from U.S President Trump, the market seemed to do well but soon broke down.
Since the President’s remarks, there has been a renewed examination of crypto across different government organizations. This has seen a lot of speculators, who were accumulating during the most recent rally, cash-out.