One year to the day since reaching its all-time high, BTC did
something it hadn’t done in a long time on Dec. 17 – it posted
double digit growth. Over the last 72 hours, BTC has risen by over
20 percent, helping to drag the crypto market’s capitalization up
by a total of $21 billion. At the head of the charge, however, has
been BCH, up more than 40 percent in a day. While too early to
call it a recovery, traders are feeling cautiously optimistic.
Green Shoots and Cautious Optimism
Even the most stoic of traders would have to concede that the last
few months have been grim. While two green wicks don’t signal a
bull market, this week has eased some of the despair, and coaxed
no shortage of Twitter traders out of hibernation. Making correct
calls becomes a much easier undertaking when digital assets are
rising or looking primed to break out across the board.
The sense of relief that’s permeated the cryptosphere since
Monday, one year to the day since BTC reached its all-time high of
almost $20,000, has been palpable. No one is getting carried away
at this stage, however, for to do so would be ridiculous; the top
five cryptocurrencies by market cap are still down 25-52 percent
each in the last 30 days. This week’s mini-rally, which has
included BCH climbing from a low of $80 to $140 per coin, has
only reversed recent losses.
Crypto Twitter Learns How to Laugh Again
As BTC passed $3,900 in trading sessions today, before retreating,
and BCH went through the gears, cryptocurrency traders relished
the respite from what has at times felt like a year of red candles.
Other top gainers on Dec. 19 have included stratis (STRAT), up 50
percent, and chainlink (LINK), up 22 percent, much to the jubilation
of bag-holders on /biz/ who remain convinced that memeing the
project’s founder into increasingly preposterous photoshops will
keep their altcoin pumping.
“Actually starting to feel bullish for the first time since we started
dumping from $20k,” confessed one imageboard user. “The thing
that really sucks about this pump is I decided pretty early on not to
bother with it and watch multiple coins I normally hold when not
tethered do a 40%,” replied another. “The stress of not fomoing in
has been intense … Now I have to deal with weeks of this shit
before we continue down again.”
The latter remark perhaps best captures the current mood: traders
are happy for the uplift in crypto prices, but aren’t banking on the
good times to last. They’ve been burnt too many times this year,
and with 12 days to run, 2018 might yet have a sting in its tail.
https://news.bitcoin.com/
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Topic: BCH Leads the Way as Crypto Markets Brighten Up 1 min ago | | (Read 1499 times)