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Bitcoin’s Sudden Spike Makes Other Top Coins Ascend, Experts Talking of Bullish Rally
On Friday, December 28, the crypto market suddenly rose from the red with Bitcoin reversing and jumping around $300 from today’s lowest point on the charts.
Rise of Bitcoin
BTC began rising at around 3 p.m. UTC, pulling up the other top-10 coins along with it. Currently, the major crypto asset is trading at $3,889, and it keeps appreciating.
The biggest gain so far has been shown by Litecoin. The ‘digital silver’ has ascended by 8.47 percent. Then comes Ethereum (+ 7.31 percent). ETH is followed by Bitcoin Cash (+6,74 percent) and EOS (+5.14 percent).
Curiously, the only loser at the moment here is Tether (USDT). It is showing a drop by 0.29 percent, even though earlier today, before the market reversed, USDT was the only coin in the green on the top-ten list.
Top-20 coins
As for the next ten crypto assets, nearly all of them are on the rise, too. Except for just one – NEM. XEM has depreciated slightly, by 0.69 percent.
The biggest gainer at the moment is IOTA (+7.88 percent) and Binance Coin (BNB, +6.77 percent).
More red spots can be seen outside the ‘top-20 club’. Similarly to USDT, the coins which were on the rise earlier today when the rest of the crypto market was in the deep red are now falling – stablecoins USD Coin, TrueUSD and Paxos Standard Token.
What experts are even afraid to whisper
Analysts believe that the bulls are attempting to build a rising trend, extending the one we witnessed a week ago when the BTC price got over the $4,000 level. Many technical indicators (the Bollinger Bands, Fibonacci and a few others) are showing that Bitcoin is rising despite numerous barriers. Over the last hour, the BTC price got over the 100 Moving Average, which is a good sign for a continuous spike.
Analysis of the daily chart suggests that if all goes well, BTC may shoot towards $5,000 at the start of 2019.
Arman Shirinyan
Alex Dovbnya
Dan Burgin