For the past week or so, the cryptocurrency market was plummeting – forcing many to feel very instable about the market. After such hurdles, the market appears to be fully green in the last six hours or so. Bitcoin [BTC] has made gains of 1.64 percent, followed by Ethereum’s [ETH] 1.23 percent, Bitcoin Cash’s [BCH] 0.26 percent, EOS’ 1.58% and more. Of the top ten coins, Ripple [XRP] is the only one experiencing a downward trend of as little as 0.28 percent.
When analyzing the top 100 coins in the market, Ethos has gained over 50 percent. This sudden pump was noticed yesterday by many crypto fanatics who continue to make the assumption that it could be partly due to Bithumb’s influence stating that different values on both Bithumb and Binance were witnessed. Following Ethos’ gains, it appears that both Electroneum and Kyber network grew by about 20 percent.
According to media outlets, the current trend seems to be in align with Fundastrat Analyst, Robert Sluymer’s forecasts. Previously, Sluymer pointed out that the $6300 mark would be a significant one for Bitcoin to surpass, and if it successfully does so, it could be positive for the entire market.
He also shared that, “The next thing that has to happen is to see bitcoin actually rally through the downtrend… We use the 15-day moving average. It’s very simplistic, but it’s pretty good proxy across most markets. [$7800] will be the next hurdle for it to get through.”
Many argue that the current progress was not influenced by crypto news like that of Binance’s system maintenance or India’s crypto bans, but rather a natural occurrence. At the same time, many friendly rules on cryptos have been announced like that of the Japanese FSA, which could have helped introduce cryptocurrencies openly.
Evidently, more time must be given to see whether the greening trends are due to natural occurrences or forceful influences. If the upward trend persists, Bitcoin could possibly witness a gradual and steady growth to its all-time high back in December 2017.