Last weekend, December 8th-9th, Bitcoin and the cryptocurrency market recovered by nearly 10% closing the week on a healthy note. According to the global charts on CoinMarketCap, the crypto market added $10 billion to its valuation.
From its low of $106 USD, the overall crypto market surged by nearly 10% ending up the day at $116 billion. However, this price recovery was widespread across Bitcoin and popular altcoins like Ethereum (ETH) and XRP.
Bitcoin Closes Near $3700
Bitcoin too made a similar on Sunday, December 9th, surging by nearly 10% in a single day. The Bitcoin price closed to $3680 just falling short of its crucial resistance of $3700.
However, Bitcoin has corrected since yesterday’s high and is currently trading at $3544, at the press time. The daily trading volume is just short of $5 billion with its market cap at $61.7 billion.
Also, don’t expect any major price recovery in Bitcoin until the price convincingly crosses the resistance level of $3700. According to the popular crypto technical analyst DonAlt, Bitcoin will continue to trade in the range $3300-$3600.
On his Twitter handle, Don Alt writes,
“Another good day for BTC. That said it’s still nowhere close to turning bullish on the higher time frames. While the low timeframes look decent, BTC hasn’t even reclaimed the previous trading range. Until it does, no swing long trades.”
The Altcoins’ Performance
The world’s second largest cryptocurrency XRP showed a similar recovery surging by nearly 10% on Sunday, December 8. By the end-of-day (EOD), XRP touched $0.32.
However, over the last week, XRP dropped 20% making its 2018 low of $0.291. With Sunday’s marginal recovery, the net weekly loss squared at 10%. At the press time, XRP is trading at $0.306 with a market cap of $12.5 billion.
On the other hand, Ethereum (ETH) showed a good recovery over the weekend after collapsing over 20% earlier in the week. The actual price recovery started on late Friday, December 07 after Ethereum’s core developer team confirmed the launch of the much-awaited Constantinople hard fork to take place on block number 7,080,000.
Considering Ethereum’s current block time, the developers said that the fork can happen anytime between January 14-18. Off lately, the Ethereum network is going through a lot of trouble about network congestion and scalability.
The upcoming hard fork is likely to solve some important issues like the Difficulty bomb while increasing the resistance to specialized mining hardware like the ASICs.
Risk Disclosure
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