07 Jan 2019 Anthony Lehrman
Ethereum Leads Market Recovery, Bitcoin Jumps to $4,000+
Experts are expecting the biggest cryptocurrency based on market capitalization, Bitcoin to settle around the $4 200 mark, as bulls are pushing the trading volumes up. Other cryptocurrencies also performed well, boosting the overall market capitalization of the cryptocurrency sector from $129 billion to $138 billion.
While Bitcoin lost some of its dominance to altcoins, the most significant player in the crypto realm quickly recovered from the $3,833.99 dip from Sunday to little over $4,000 as of press time. Bitcoin shows support at $4,020 and $3,900. The 21-hour Simple Moving Average (SMA) sits above the 50-day SMA, indicating bullish stance in Bitcoin trading. And while the price is fluctuating around the $4,030 mark, the steady increase of trading volumes indicate that prices will go up.
Ethereum quickly became a market leader after the start of 2019. Regaining its position as the number one altcoin, Ethereum (ETH) showed strong support at $140, maintaining a price between $150 and $155. Trading volumes are also growing in numbers.
ETH price (source: https://cryptobrowser.io/coins/ethereum-eth/)
Ethereum made almost 100% price regain on a monthly basis, indicating the renaissance for the biggest altcoin to date. ETH tested the $170 level but quickly found a $159 haven with a $160 50-day SMA. We can expect supports at $150, $140 and $110.
Overall, the cryptocurrencies are gaining momentum, with price increases ranging from 2% for Bitcoin Cash (BCH) to over 17% for TRON (TRX) and 22% for Litecoin (LTC). On the losing side – True-Chain (TRUE) lost almost 35% of its market capitalization, followed closely by THETA and Mobilego (MGO).
The losses are caused by users reverting to Ethereum, as the biggest group of losers are Ethereum-based tokens.Bitcoin Ethereum TRON Litecoin Bitcoin Cash btc eth THETA THETA token Bitcoin price LTC