Cryptos on a rebound, perhaps a Santa Rally?

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Cryptos on a rebound, perhaps a Santa Rally

Bitcoin, Ethereum, Ripple and Litecoin trending points

  • After a baleful leg of bellicose period, the Bitcoin resurfaced over $4000, ahead of Christmas holidays
  • Ethereum and Ripple price soars, alongside, Litecoin, as buyers have taken short-term control of the market
  • On Tuesday, the 25thof December, total crypto market turnover had been doubled to multi-months high
  • Total crypto cap again rose over 100 billion, a bearish downtrend below 70 billion is not yet out of the picture

Last week’s crypto rally carries on, yet a long-term rally hasn’t yet been in the scene

As last week’s cryptos rally has been extending its gain, crypto holders are experiencing a little sigh of relief and if this rally persists up to the end of the year, the market may secure a double-digit gain with heavy volume.

As the market has been heaved upside down, from oversold to overbought territory, the short-term buyers have been continuously pushing forward, yet just like any other overbought market, the crypto gain would likely to be slowed down.

While this report is being prepared, the 25thof December, GMT. 14.00, the trading volume has been doubled to roughly USD 25 billion per day and the Christmas holiday seemed to be the reason behind. This round of latest rally did not have any particular trigger, except political turmoil over the US soil, which had been dragging the USD downward and a holiday season ahead.

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Meanwhile, the Santa rally is really helping the holding buyers, who were in net-long since the October, 2018, when the Bitcoin had been trading around $6,500 and looking forward to break above $7,000 region.

Although, most of the Cryptos are in a three-monthly high, the market is still lagging a jawboned trigger, which could invert the market aversion and most of the Crypto currencies are down by at least 85 percent, from this year’s January high.

Cryptos gaining after falling apart below a gush of throng

Cryptos gaining after falling apart below a gush of throng

At this moment, the Bitcoin has been traded around $4081.4, with an opportune moment to gain over $4,500 remains wide open and Ethereum is reigning at $142.8 and if the Christmas season could turn out to be safe, it might experience a remerging above $200 territory. The Litecoin posted a gain as well, as it is being traded at 34.3, while the Ripple posted the heaviest gain percentage-wise, and it is now being traded at 0.40, regaining two-third of its latest peak ($0.59, October 2018).

Bottom Line

Despite an extended leg of Santa rally, there is still no potential catalyst to propel the cryptos forward and any-long term Crypto rally would certainly require fundamental changes in the regulations including the penalized initial coin offerings (ICOs) and a mass adoption of the blockchain technology.

Read more on Crypto currency here

[Disclaimer: The content of this article is personal opinion and should not be considered as investment advice or suggestion towards any trading activity.]

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