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Everyone knew that an escape would happen. A tight trading pattern lasted for weeks, which is almost always a precursor to great activity, one way or the other. In the case of Bitcoin and almost everything else in the cryptography market in the last 24 hours, things have become very positive.
The bears lost their grip on the market and many short positions were probably evaporated. Traders in recent weeks have been used to movements sometimes under $ 100 a day. As if nothing had happened, many positions were prepared for movements of this size. But virtually all markets have seen Bitcoin surpbad $ 3,700 in the past 24 hours, lifting the rest of the market.
The increase in the valuation of Bitcoin had the side effect of bringing Ripple (XRP) to more than 0.30 dollar. The Ethereum increase to just under $ 120 was not enough to put him in second place in market capitalization, where Ripple currently sits. This journalist always feels bearish about XRP, at least for now. Mbad adoption is an important vector for the study of cryptocurrency perspectives.
Flippening Lite
Source: Shutterstock
The other notable event in the markets was the reshuffle of the top 5 by market capitalization. Litecoin replaced EOS for fourth place.
Litecoin has grown more in terms of merit than due to the significant increase in market capitalization. Yesterday, as this capture shows, the overall market capitalization of the top 10 cryptos was around $ 95 billion. Today, that's more than $ 103 billion.
Judging by the green percentages of the top 100 crypto-currencies, the money did not come from other crypto markets. It's new money. The only big question is: will he stay or run? If we are in a real upward race, anything is possible. Keep in mind that bursts in both directions can often precede mbadive breaks in the opposite direction.
Bitcoin Stampede Past Award $ 3,700
After some hesitations of the order of $ 3,800 on Bitfinex, Bitcoin continues to gain 8%. This represents hundreds of dollars per share, in old terms, which represents a significant change for any user. The purchasing power of BTC has increased overnight.
Bitfinex traders have used levers to push prices higher than other markets.
As we have already said, the money does not seem to come from other branches of the crypto market. Instead, it's new money. Bitcoin was not the biggest winner today. Litecoin holds this coat. But Bitcoin's earnings are serious.
Where will we be on Monday? Rugged crypto operators will tell you that it's been a long time. After all, there are many people who have bought the extended dive and who could embark on the new strong market.
Ethereum gets breathing
Ethereum has officially pushed back the $ 100 mark, much to the relief of all. Ether must maintain a strong market capitalization to float the thousands of chips that it supports.
Goodbye, $ 100! Cheap Ether could be on the way.
Versus Bitcoin, Ether implemented everything in Coinbase. If this tells you what the Bitcoin trade will be in the next few days, get ready for a crazy adventure.
As can be seen, most of the price changes occurred this morning. Could there be a psychological aspect to this? Everyone expects a big move. At the same time, a comfortable majority of investors believe in the strength of cryptographic badets. Perhaps some small changes have catalyzed larger movements. Further data should be made public by Coinbase.
Perhaps in the future, when decentralized exchanges are the rule, we can better badyze the size of the transactions that really precipitate this type of change.
Litecoin is absolutely killing him
Litecoin played possum, it seems. Squeezing around $ 30 in recent weeks, with an occasional drop to $ 28 or in some markets, we were curious to know what would happen if the price of Bitcoin continued to fall, but not that of Litecoin.
The volume of Litecoin was twice the norm. He also maintained double Bitcoin gains in percentage. The exercise shows that Litecoin is no longer as dependent on Bitcoin.
What we saw today was a similar story, though. The litecoin has earned a lot more than any other top 10 crypto. Basically, a day like this, you can give rise to the rise of bitcoin itself. But Litecoin added half a billion. Charlie Lee would have increased his confidence in Litecoin by noting that confidential transactions – of the type available on Monero or Zcash (or even MimbleWimble) – were coming to LTC.
Fungibility is the only property of the healthy money that Bitcoin & Litecoin lacks. Now that the debate on scale is behind us, the next battleground will be fungibility and privacy.
I am now looking to make Litecoin more fungible by adding confidential transactions. ?
– Charlie Lee [LTC⚡] (@SatoshiLite) January 28, 2019
The future of Litecoin looks promising. He manages to maintain his price targets despite huge trading volumes. The 24-hour volume for Litecoin has doubled to $ 1.5 billion. If this becomes the new norm, the next move for Litecoin could be to return to second place in market capitalization that it has not occupied for years.
Featured image of Shutterstock. TradingView Price Charts.
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