Friday, April 19, 2024

Market Watch Dec 9: Bitcoin and Ether Hitch Ride on Gains in U.S Equities.

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.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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