The total cryptocurrency market capitalization has seen a tremendous increase in the last two days currently lying above $121 billion which was around $103 billion on Monday, at the verge to go down beneath $100 billion line.
Bitcoin price showed a bullish rally rising over 13% from around $3250 to above $3700. Bitcoin is facing hurdles while trying to recover back above $4000 but has managed to gather a lot of support areas in the path which are helping in the recovery. At the time of writing, Bitcoin is currently trading around $3753 according to CoinGecko chart.
Ethereum price has also shown a tremendous increase over 10%, now trading around $102. XRP has been a great gainer in the last two day with over 20% increase. The XRP price increase has also led XRP to pass over Ethereum in terms of market capitalization yet again.
EOS has gained over 8% in the last 24 hours. EOS is currently trading around $2.58. The following price rise was because of its recent workshops and hackathons in India and South Africa. Stellar or XLM is also on a 14% rise from Monday.
BCH is the winner of the day rising over 31% in the last 24 hours. Its biggest competitor BSV (Bitcoin Satoshi Vision) however has not shown many gains in comparison to BCH. BSV has gained around 9% in the last 24 hours and currently trades around $85 whereas BCH is currently trading around $117.
Just a few days back the cryptocurrency market was at high risk of falling below the $100 billion marks in terms of market capitalization but the recovery in the price of major cryptocurrencies especially bitcoin has led to a massive increase in the total market capitalization of the crypto market as a whole.
2019 Bullish Predictions for Bitcoin
With the upcoming Bakkt exchange launch in January 2019 which was earlier to be launched in November this year and the upcoming Nasdaq bitcoin futures launching in March 2019, the institutional adoption of bitcoin is predicted to grow massively in the next year. The growth based on the demand from institutional investors shall be massive and more stable in comparison to last years boom.
In the last couple of weeks, the stock market was also falling along with the cryptocurrency market but the sudden recovery of the crypto market has not affected the crashing stock market which is still quite bearish.
Cryptocurrency market analysts are predicting that Bitcoin will reach around $4400 this week and will soon reach above $6000 before the end of the year.
The following article is not financial advice. Readers are advised to do their own research and analysis before making any investment decisions in the cryptocurrency market. This article only presents the viewpoints of the writer and not Coinnounce.