The uncertainty may be finally ending for the cryptocurrency ecosystem. The cryptocurrency is making news in history for all the wrong reasons most notably passing the plunge of Dot Com bubble in early 2000’s.
With all this, the cryptocurrencies seem to be making some recovery and when all seems lost and today’s price action of the world’s 2nd largest cryptocurrency Ether and many more are no exception. Several of the top 10 digital currencies by market capitalization are gaining above 10%, including XMR, LTC, and EOS. ETH is leading peak while boasting at 17% price increase. Further, the total market cap has edged back up over $200 billion, after falling earlier this week. Nevertheless, it’s too early to call a long-term bullish reversal in the market and there can be seen in the below 3 reasons.
Ether Recovery
Until today, Eth/USD has fallen more than 40% since September 5th and 85% from its all-time high. Today, however, we can see a different story, it has recovered 20% reaching a 24-high of $207.67. Daily RSI was showing a bullish divergence, giving all the more reason for a relief rally. Many alternative currencies are built on ethereum blockchain, so a strong recovery from ETH would lead to a recovery in others as well.
BTC Short term Strength
The future prospects of all cryptocurrencies depend heavily on BTC, the world’s largest currency in terms of market capitalization.
Down 70% from high of $20,000 in December, BTC could scare most of the seasoned investors as well. Observing carefully reveals a silently major bullish reversal pattern. The tradeline connecting the higher lows indicate a long-term bearish exhaustion. Hence there is a reason to be optimistic as long as prices remain above the trend line.
Risk Appetite in Global Markets
Risk assets across the globe have picked up the bid over the last 24 hours on the note that US and China are returning to the negotiating table. The AUD/JPY pair, which is widely considered as a risk barometer of the global market is up by 1%. Meanwhile the dollar index down by 0.24%. Clearly, the investors are hoping that these talks would yield some results and affect the market cap. However, trade wars would only result if the US drops the tariff. The renewed hopes due to China and US would keep risk assets well bid in short term.
Turkey hiked rates by 625 points to save its stumbling currency and has pushed equity markets higher across the globe.
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