The crypto currency market achieved an incredible recovery on Tuesday and Wednesday with all the major currencies posting increases of well over 20% and in some cases such as Ethereum, the price rose by no less than 30%. Other cryptos also rose considerably with Dash and Litecoin also gaining advances of around 20% and the latter is now approaching the $160-170 mark, an excellent indicator for a future bullish run. Ethereum Classic was also up to around $20 after having fallen to lows of around $15 – levels that were not seen since October.
The rally appeared at least partially linked to Tuesday’s US Senate hearing on cryptocurrencies, which some feared would inject more uncertainty and bearish news into the already-battered cryptocurrency markets. However, regulators largely stuck to the script during the meeting, and some cryptocurrency enthusiasts joked that Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo should run for president after he used the word “hodl” and reminded the committee that blockchain originated from Bitcoin — not the other way around.
Still, the Asian market continued to lag downward and it has become quite a regular occurrence that the gains made through the European and US markets during the day are lost when Asia opens only to be recovered by the opening of European markets. Other financial analysts have commented that the movements of crypto currencies are a classic ‘saw’ mechanism and that all this is indicating that bull rises should be expected in the not too distant future.
While it’s unlikely that the positive reaction to this hearing affected the global cryptocurrency markets to such a great degree, it did provide investors with hope in what has been an otherwise-difficult week for hodlers. It also seems that the market is still a long way off from retesting the all-time highs hit in December and early January where Ripple was trading at $3-3.50, Dash was close to $1500 and Bitcoin had achieved the $19,000 level. However, Bitcoin continued to climb considerably on Wednesday, achieving figures of around $8,500 – after a low of $5,500 had been tested just a few hours ago. It more or less held to that level during the past few hours, although it dropped to just above $8,000 before Asian markets opened.
The Ethereum price, meanwhile, outperformed the index and achieved a 30 percent recovery. The second-largest cryptocurrency is now priced at $815 on Bitfinex and has a global market cap of $81.1 billion, making it more than twice as large as Ripple, its closest competitor.
The Ripple price increased by approximately 23 percent for the day, while Bitcoin Cash’s 22 percent gain was smallest among top-tier coins.
The Cardano price rose by 26 percent, bringing it to a present value of $0.36, and EOS’s 28 percent gain enabled its price to climb back to $8.70. The Litecoin price once again cracked the $150 threshold on the heels of its 32 percent surge, while NEO’s 52 percent rally was far and away the top-tier’s best performance.
Stellar, now ranked ninth, rose by 27 percent to $0.37, while 10th-ranked NEM soared by 41 percent to $0.57 to round out the top 10. Bitcoin Cash has been very disappointing of late and is struggling to achieve the $1,000 level while Ripple is also a poor performer with a price wobbling between $0.75 and 0.80 with no apparent push forward in sight.