This week seems to end with a good feeling for Bitcoin Hodlers, who could see a rebound in bitcoin prices, going from 7900USD to 10000 USD. The 9000 $ resistance was broken on valentines days (maybe as a gift from the universe to the “lovers” of the coin) without a clear prediction of a trend correction.
This bullish behavior seems to be followed by the rest of the most important altcoins. Which is an excellent sign of recovery that gives peace to many weak handers. Reasons for the fall in bitcoin prices have been analyzed before, but today is the time to start the weekend with good news, so let’s comment some of the reasons why Bitcoin had a bullish behavior.
Rise in bitcoin prices is also associated with the low volume of the market. This means that there was a point at which those who had bitcoin began to refuse trading on a bearish trend. This stabilized prices and could continue increasing volumes soon. On 15 February, global trading volume was 52,509 BTC, according to research site cryptocompare.com. a small quantity when compared to 495,883 of February 6th, to put it in perspective. It is also important to note that with the wave of ICOs and the massive adoption of altcoins, bitcoin is still the most used currency, but has lowered its dominance to just over 35%. According to coinmarketcap.com
Litecoin on a big bullish roll
Figures from coinmarketcap show that out of all the important altcoins, LiteCoin has had the most notoriety for its behavior this week, with an important growth starting on February 14, going from around 160 $ to over 230 $ by February 16. The announcement of LitePay, the credibility of its infrastructure, providing all the benefits that bitcoin lacks, and the recent reports that rank it as the most used altcoin of the deep web, make it one of the currencies with the best growth and acceptance with a market cap of $ 12,611,856,202.
Ripple keeps settling deals all over the world
More than a simple cryptocurrency, Ripple is a centralized payment solution based on blockchain. Its use as a trading tool in cryptocurrency exchanges makes it play an important role on the credibility of this market. Recent hirings by Western Union and the Central Bank of Saudi Arabia generate high expectations in the market
Ethereum Classic surprises analysts
ETC, a coin that tries to break through like the “original Ethereum”, has had a historical behavior that can not be compared with that of its relative hardfork (and rival) ETH. A currency maintained mostly by a community, has shown to have a solid base, and in the last few days it has had an important growth, going from $ 20 to breaking the $ 30 barrier (important resistance for this currency), and although perhaps it cannot be compared with the almost $ 1000 that ETH costs, its proportional growth is quite attractive for those who make speculative trading.
Goodbye fears!
One of the reasons for these bullish behaviors may be the recent statements by government authorities, in which they mention that it is not their intention to prohibit cryptocurrency trading and/or payments. Official statements by the President of the European Central Bank and the Government of South Korea seem to be extremely encouraging.
Moreover, praises made to the use of blockchain technologies seem to be an indication that now the bitcoin is being viewed favorably by its former detractors.
Even JP Morgan, the US investment bank whose chief executive Jamie Dimon famously described Bitcoin as a fraud and “Ponzi Scheme”, had to retract his original words, now mentioning the firm’s interest in getting involved in bitcoin-based businesses. Likewise, the adoption of their own blockchain puts them in an awkward position when talking about the credibility of said technology.
Good times seem to be close, however, it is important to wait a little longer to see trends and make more effective technical analysis
