Home / Business / Bitcoin, Ethereum Rally as market profits over $ 5 billion in a day; Crypto Bull's Returning?

Bitcoin, Ethereum Rally as market profits over $ 5 billion in a day; Crypto Bull's Returning?

The Cryptocurrency market started the week with an impressive rally, from $ 120.91 billion to as high as $ 126.391 billion a day.

  cryptocurrency, bitcoin, ethereum, xrp, Binance

The market for cryptocurrency witnessed significant gains over the weekend. | SOURCE: COINMARKETCAP.COM

At 0900 UTC, the global crypto market was valued at 126.30, an increase of 4.45% from Sunday's low, with all the top 10 coins emerging in their green areas. Bitcoin, the index's leading cryptocurrency, reported 3.01

% gains under the 24-hour adjusted timeframe calculated by TradingView.com. Ethereum, the second largest cryptocurrency, did better by increasing 10% at the same time.

  cryptocurrency, bitcoin, ethereum, xrp, Binance

The top 10 cryptographic curves all climb, led by Ethereum. | SOURCE: COINMARKETCAP.COM

Bitcoin Cash, the Bitcoin clone project led by Roger Ver, was the second best performing cryptocurrency in the top ten. It increased more than 7% per 24 hour adjusted timeframe. Stellar and XRP, while increasing close to 2.80%. Ethereum competitor EOS jumped more than 3.5%.

The least performed crypto curves in the last 24 hours were Litecoin and Tron. While Charlie Lee's brainchildren rose by a modest 1.16%, Justin Sun's project reported a domestic coin of 0.08% profit.

The US and China trade war

The return of crypto animals coincides with positive developments in the global financial markets. With the US-China trade negotiations continuing this week in Washington, both economies are seeing the completion of the so-called "trade war" positively. US President Donald Trump said they would once remove the tariffs on China if they came closer to "having a" real deal "with Beijing.


The announcement came with a rising Asian market response, Mainland China's shares posted more substantial gains on Monday, which also led to the stock markets in the region increasing. , South Korea and Singapore also closed Monday positive


To date, the market for cryptocurrency has shown a strong intraday correlation with its asia The association would probably continue as the trend leads to the European session. According to CNBC analysts, the European market has opened for a mixed start. Resource stocks, which were exposed to China, led to the gains. Nevertheless, the pan-European shares were flat during the early morning session.

Technology: Bitcoin and Ethereum

In view of individual crypto curves, Bitcoin has confirmed an uptrend after breaking out of what was a bull flag pattern the whole time we had also discussed a disadvantage theory in this analysis). The BTC / USD course now looks to test a medium falling trend line (indicated in red in the table below) for a possible return / breakout.

  bitcoin, btc usd, bitcoin price

Bitcoin price jumped during Sunday's trading. 4H CHART | SOURCE: COINBASE, TRADINGVIEW.COM

A slowdown in volume and volatility may indicate a potential drawback before testing the red trend line above. In the event of a trend conversion, the BTC / USD rate could find support at the 50-year moving average (indicated by the blue curve in the chart above).

In the case of Ethereum, the best asset is among the top ten coins, a potential deflection is possible in the area defined by $ 141-151.

  ether room, a usd, room price

Ethereum was the best performing major-cap currency against the dollar. 4H CHART | SOURCE: COINBASE, TRADINGVIEW.COM

Meanwhile, the crypto curve has support in its 50-year moving average (the blue curve). The curve in recent weeks has served as resistance during downward trends and upward support. Therefore, mining under it would confirm a major neck switch.

Click here for a real time price for ethereum and here for a price amount for bitcoin.

Featured Image from Shutterstock. Price chart from TradingView.

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