As other crypto currencies floundered, Bitcoin Cash continued to make a bull run when it posted a 12% increase over the past 24 hours indicating another push towards the $1500 mark. Although this is still significantly below the $3600 high achieved in December, there are indications that the crypto currency is moving forward and is reliably expected to continue increasing in price in the next few days. Analysts are observing that the $2,000 mark is not so far away.
Other crypto currencies performance was mixed with Ripple and Ethereum Classic declining slightly with trading volumes also on the low side. Bitcoin led a considerable rally in the past 24 hours where its price finally exceeded the $10,000 mark, a figure not seen since mid-January. It seems that there are considerable sell orders at prices just above the $10,000 mark so although there has been a dip in the price over the past few hours, it is only a matter of time when the price should start rising again.
Litecoin still contined with a modest price increase after a rally earlier in the week which saw t reach the $230 level but it has now scaled back to around $210 on various exchanges. Dash and Ethereum staged mini rallies with prices increasing to $700 and $930 respectively but with low volumes, these gains were not held on for long and a slight slump took the values back. It appears that these currencies are struggling to push past certain psychological price levels again with their all time highs being quite far off.
Other top 10 crypto currencies such as Stellar Lumens, Cardano, IOTA and EON appeared relatively stable with modest increases registered on low turnover.
During the past 12 hours, the daily trading volume of bitcoin and other major cryptocurrencies remained relatively low, in comparison to the market’s volume on February 15. Bitcoin also demonstrated a massive sell volume earlier today, the biggest one yet since February 14. If bitcoin cam remain above the $9,700 mark, the starting point of February 14, it will likely soon rebound to $10,000 and potentially lead a strong rally.
Tom Lee, a Wall Street strategist at Fundstrat known for his mid and long-term bitcoin analysis, has stated that bitcoin will likely achieve new all-time highs by July of this year. Based on the v-shaped bottom of bitcoin, Lee noted that bitcoin will begin to show resilience and start to build some momentum throughout the mid-term. Lee also predicted that Bitcoin should reach an all time high by July.
Even at $10,000, Bitcoin remains at below 53 percent from its all-time high established at $19,000. While most assets tend to struggle to recover in the short-term after 70 percent corrections, Bitcoin has started to show early signs of mid-term recovery, as explained by Lee.
As a volatile currency, bitcoin declines by large margins but also increases rapidly in short periods of time. Hence, as Bitcoin stabilizes above the $10,000 mark, as it did in throughout November and December, it is entirely possible that it will experience an exponential increase in value from $10,000 back to its all-time high at $19,000 in the upcoming months.
After recording a massive increase in value with a 30 percent surge, the price of Litecoin has declined slightly, by 8 percent. Ethereum has also struggled to demonstrate gains it recorded on February 15, as the price of Ether decreased by 2 percent.
Still, Bitcoin Cash has seen an 8 percent increase within the past 24 hours, after surging by 30 percent last week. Bitcoin Cash has been the best performing major cryptocurrency, outside of 0x, which has enjoyed price spike due to the listing of Bittrex and South Korea’s second largest cryptocurrency exchange UpBit.
Overall, the market still remains optimistic, as bitcoin remains above $9,900 and other cryptocurrencies have not recorded large losses after a strong performance over the past two days. Premiums in the South Korean market have also reemerged, as the demand for cryptocurrencies from local investors have started to increase after a month-long bear market. This appears to be a positive development for the market which could see exponential price increases in the short term