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Cryptocurrency Markets Rally 15+ Percent, Bitcoin Value Increases $500

Cryptocurrency Markets Rally 15+ Percent, Bitcoin Value Increases $500

After a year of price deterioration, the cryptocurrency market has recovered some during the last two days. There is speculation that the rally could spell the end to the year-long winter, with Bitcoin recovering $500 in value.

Over the last two days, the markets have experienced a strong rally, with the overall market capitalization increasing 16 percent since midnight of Dec. 16th. Bitcoin has appreciated roughly $500 since that time, a 14.5 percent increase.

Winners and Losers

Across the board, altcoins have appreciated, and for once are doing so at a rate faster than Bitcoin. Within the last twenty-four hours, Bitcoin Cash (BCH, the ABC fork) and Stratis (STRAT) have lead the pack with 22.5 percent and 11.5 percent increases, respectively.

The largest twenty-four-hour loss has occurred around EOS (EOS), experiencing a 4.7 percent downwards correction following a robust breakout. Overall, EOS has still gained 30 percent since Sunday, going from $1.93 to $2.51.

Other notable losses include Decentraland (MANA) depreciating 4.7 percent, IOTA (MIOTA) at 3.1 percent, and Basic Attention Token (BAT) at 2.8 percent.

Potential Causes

Some possible causes to the rally could be related to Tether’s USD reserves as reported by Bloomberg. Other potential triggers could be a closing of short positions (people buy when they close a short), sparking the bull run. Or, the market could be finally reaching the oft-predicted ‘bottom.’

Future Outlook

It’s still too early to determine whether the market uptick is a ‘sucker’s rally,’ or the signal to a more sustained recovery. Yet, as always with markets as volatile as cryptocurrency, the winds can change at any moment. Those who make the right bets could get swept in the upswing or could fall flat back to a new bottom.

Bitcoin | BTC

Updated: Dec 19 at 6:59 pm PDT

Bitcoin, currently ranked #1 by market cap, is up 0.87% over the past 24 hours. BTC has a market cap of $66.01B with a 24 hour volume of $6.72B.

Chart by CryptoCompare

Bitcoin is up 0.87% over the past 24 hours.

Filed Under: Price Analysis, Price Watch, Trading
Mitchell Moos

Mitchell is a software enthusiast and entrepreneur. In addition to writing, he runs a non-profit that teaches people about the blockchain. In his spare time he loves playing chess or hiking.

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