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Bitcoin’s Sudden Spike Makes Other Top Coins Ascend, Experts Talking of Bullish Rally

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Fri, 12/28/2018 - 18:55
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  • The crypto market suddenly shows a reverse, making the top twenty assets enter the green zone, with only Tether staying in the red

Cover image via U.Today
Contents

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.

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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.

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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.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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