The cryptocurrency market has shown a tremendous resurgence over the past few days. Popular cryptocurrencies that had been down in the trenches seem to have broken their downtrend.
To add fuel to the fire, popular Bitcoin investors such as Mike Novogratz of Galaxy Digital Holdings have been predicting that the next bull run for Bitcoin is just around the corner. Whereas, the announcement from JPMorgan about launching its own cryptocurrency has only added to the overall crypto fervor.
As a result, the social response to this growth has been relatively off the charts, with most online publications and cryptocurrency holders thinking of it as a start of a new era for Bitcoin and the overall cryptocurrency market.
But do the numbers show this as the start of something big, as something that could take Bitcoin to the heights of 2017?
Let’s find out.
BTC
Bitcoin has been on a bear run since the early days of 2018. That took an even further downward turn when bitcoin slumped past the psychological threshold of $5,000 and dropped to the $4,000 range after November 19, 2018.
Since then, Bitcoin has been fluctuating around the $3,000 range. Its value (a low of $3,399) on February 7, 2019 showed signs of life, where it has now been a 10 day run, reaching the value of $3,915 on February 18.
If Bitcoin holds that value for a while, then it may be able to show a new support level. As such, it may serve as a signal to traders, suggesting that Bitcoin is a strong buy.
But, Bitcoin is not the only digital asset that has enjoyed this upwards trend.
ETH
Bitcoin’s aforementioned bear run has affected the overall market for other cryptocurrencies as well, and Ether hasn’t been immune to these overall effects. After dropping from the value of $150 on January 9, 2019, ETH noticed a consistent downward trend to $104 on February 7.
Since then, it has been able to maintain a consistent upwards trend and closed out on February 17 at a little over $146. This 10 day performance once again points to a significant improvement, which could continue well into the next few days following strong momentum in the general market.
EOS
After its launch and subsequent DApp relases, EOS may justify an upward trend. After closing out at $1.92 on December 16, 2018, the relatively new cryptocurrency has struggled to see its once held value of over $3 where it has fluctuated over $2.
That has changed, EOS closed out the day at $3.47 on February 18, marking the first time since November 29, 2018 that the cryptocurrency was able to climb over $3.
Other cryptocurrencies have shown similar trends.
LTC
After fluctuating around the range of $20s and $30s for a while, Litecoin finally broke into $40s on February 8, 2019. It closed out the day on February 18 at $48.04, marking its highest closing value since November 14, 2018.
BCH
Bitcoin Cash closed the market on February 18, 2019 with $144, its highest value since January 9.
XRP
Ripple’s XRP closed out the day of February 18, 2019 with a value of $0.321568, which is its highest run on a closing figure since January 18.
BNB
Binance Coin has been on an upward trend since February 8, 2019. It closed out the day on February 18 at $9.63, which is its highest value since November 12, 2018.
What Does This All Mean?
These figures point toward a rallying phenomenon for many of these cryptocurrencies. The trend may very well translate into a bull run if it continues over a longer timeframe. These cryptocurrencies have been touching values that they haven’t seen in months.
With that being said, investing in cryptocurrencies is risky, invest accordingly.
Data derived from CoinMarketCap
