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.

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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

ASIAN MARKET REPORT (MONDAY) | Source: CNBC

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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