Wednesday, February 19, 2020

Up And Away: Market Bounces and Rises Again

BTCNN aim to be the key source for both digital currency experts and newbies. With the cryptocurrency industry growing so fast we want to educate our readers about all the latest developments as they happen.

It seems that the cryptocurrency market rise will be unstoppable, at least in this second quarter of the year. Today, the market is experiencing a healthy rise of 5 percent average across the whole group of bitcoin and the other main altcoins. Bitcoin has also managed to overcome the $9,000 dollar mark again, overcoming the fear and rumors of a prime manipulation scheme due to a supposed Mt Gox sale of a large stash of Bitcoin and Bitcoin Cash that occurred yesterday, as reported here.

Prices chart of cryptocurrencies

The big altcoin performers for today are none other than Ethereum, Bitcoin Cash and Siacoin, who have managed to rake in considerable gains in price and got a healthy volume of trades in the last 24 hours.

Bitcoin, the main cryptocurrency, has risen 4.98% over its yesterday’s market price, even after the mentioned rumors. Last time that Mt. Gox’s wallets were moved in February, it coincided with a negative market run and many tried to link both things together. The truth is that this time, it seems that it is not affecting the positive run of the market, as investors are confident to keep buying and driving the prices even higher. In the chart below, we can see the market correction that happened yesterday, and how the prices have bounced since then.

Bitcoin price correction and subsequent rise

Bitcoin Cash, who had also managed to decouple earlier but had serious losses has managed also to straighten away its ship and return to profitability. It has risen 4.54% of its market price and it has maintained the Bitcoin/Bitcoin Cash relation over 0.1, something that talks loudly about the solidity of its performance, and goes to show that this earlier decoupling has maintained over time. The price chart for Bitcoin Cash its shown below.

Bitcoin Cash price chart

Ethereum is also performing pretty well, eyeing the $700 mark, something that is remarkable for a cryptocurrency that has centered itself not in adoption or in market stance, but in decentralization and aiding newcomers into the ICO arena. The Ethereum price chart for the last seven days is shown below.

Ethereum price chart

It looks like this market bull run will continue, at least in the near future. And investors are ready to step in to ride the good positive market as buy orders comprise a good chunk of the market. In summary, everyone wants a piece of the crypto pie, and they are buying it.

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