Bitcoin (BTC) Price Bounces Up 8% to $3,500 USD as Small Crypto Market Rally Sees $10 Billion Bump
Is the bull waking up? After several days of suffering severe losses during the bear market, the crypto markets have started this week better than they currently did last week, with an incredible 6% up since yesterday.
That’s quite a jump when you consider just how bad the crypto market is now. With Bitcoin jumping 6%, the whole market is now worth $110 billion USD together. This helped the market to regain much of the losses that happened last Friday.
At the moment of this report, the price of Bitcoin sits on top of $3,500 USD, being 6% up now. Last week, the price of the token fell as low as $3,190 USD, but it has found some support there and it started to grow again instead of losing even more value.
Despite the jump is very good and somewhat exciting, it has only brought the prices to how they were last week. The market has seen its price return to $110 billion USD. During the whole year, the capitalization of the crypto market was never lower than $100 billion USD, which seems to be another strong mark, which proves that the bulls are still supporting the market.
Today is important because it may mark a shift that will mean that the downtrend may stop for a while. However, nothing is certain and they may be down tomorrow again.
Stephen Innes Makes Bad Predictions
Stephen Innes, the head of Asia Pacific Trading at Oanda, unfortunately, has bad news for investors. He has recently told MarketWatch that he sees the price of crypto going down even more in the near future. According to him, until a real reason appears for the investors to value Bitcoin again, the bear market will continue.
As investors cannot pin an intrinsic value to Bitcoin, the market gets less appealing for them, Innes affirmed.
However, it should be noted that he has also been interviewed by NewsBTC recently and affirmed that cryptos will be higher in the next decade, as they have developed more. Not because “of the buy orders from the nerdy libertarian cult” but mostly because the mainstream will finally decide to embrace crypto and the blockchain for once.
Altcoins Have Also Risen
The positive effect of Bitcoin can be seen with other tokens as well as the whole market cap went up. EOS was the greater winner today, as it was up 22% and its price reached $2.37 USD per token despite being lower than $1,80 USD recently.
This has led EOS to become the fourth largest cryptocurrency by market capitalization now being ahead of Stellar Lumens (XLM) by over $100 million USD. XRP is tracking BTC and it is also up 6%. Ethereum is 6% up too and it is currently priced at $92 USD.