Last 48 hours were really good for the crypto market. The valuation of the markets increased from $198 billion to $218 billion in a rally, boosted by a surge in Ripple token XRP. On Sept 21, XRP the native crypto currency of the Ripple Blockchain Network experienced a 40 percent rise as a continuation of the momentum established earlier this week.
Likewise, other small crypto currencies like Qtum, Steller, Ox and Cardano were one of the best performing crypto currencies on the day, recording 15 percent gains against the U.S Dollars. Bitcoin showed stability and kept hovering in the area of $6,700 with 6 percent increase in price. Most of the crypto currencies showed positive trend and gain 10 to 15 percent increase in market price.
Bitcoin is still struggling to breakout $7,000 resistance level and record minor movements. From June to August major crypto currencies like Ripple and Ethereum faced 40 to 50 percent loses while Bitcoin also dropped to 10 percent. Downside movement of Ripple, Ethereum and rest of the market caused an extreme over-sold conditions
According to Mike Novogratz, former Macro Hedge fund manager and Investor, the bear market of crypto has come to an end with Bitcoin Bottoming out in the lower region of $6,000. In December 2017, the crypto market demonstrated a classic speculative mania but throughout the past eight months, the market had endured a major correction and achieved a classic bottom in recent months.
Analysts suggest Bitcoin bottom in the low region of $6,000 has been established, and it is likely the most crypto currencies will recover further in a short-term rally as long as market manages to maintain its volume in the upcoming weeks. In the past week, the volume of the crypto market has increased from $10 billion to $17 billion with Bitcoin’s volum rising from $3.3 billion to $5.4 billion. The sudden increase in XRP and ETH has established a new momentum in the market which is expected to extend further throughout the month.