The top two cryptocurrencies recorded significant gains as U.S equities also saw gains overnight. Ethereum rose the most. Up by 3.89% in the last 24 hours, ETH is trading at $1,281. BTC is holding at $17,214. It gained 2.27%.
The altcoins saw gains as well with Polygon MATIC being the biggest gainer. It’s up by 3.11% in the last 24 hours. Litecoin is up by 2.87%, Tron by 2.40%, Polkadot by 2%, and XRP by 1.43%. The uptrend has attracted investors who were looking for a suitable situation for their investments. The market is likely to strengthen further if the positive changes continue.
Credible Crypto, a popular trader, said the surge in crypto prices came as a little surprise for some. He expects the move to $18,000 – $19,000 to continue. The trader had earlier highlighted that lows cleaned up and as if on cue Binance apes showing up to support the mid $16,000. He said one more push into $16,400 – $16,500 and then a reversal back up, and move towards $18,000 – $19,000 targets.
Cheds, a trader, believes there will be a potential continuation of volatility with BTC tagging its upper Bollinger band on four-hour time frames. Michael van de Poppe, founder, and CEO of Eight expect continuation for Bitcoin as long as it stays above the crucial $17,000 level. Moreover, analysis suggests increased liquidations of short positions. On December 8, short liquidations on Bitcoin totaled $7 million in a single hour. On-chain college, an analytics platform, said liquidations have been relatively small since the early November crash. Short liquidations drove the recent move.
