The crypto markets woke up today gaining over $10 billion in valuation in only 2 hours. Most cryptocurrencies are back in the green sustaining double digit gains. Ethereum is up almost 20%, Bitcoin Cash and EOS are up 15%, and XRP is up 10%.
As the New Year approaches, many are hoping for new beginnings in the form of a bull market. 2018 has been quite brutal, most cryptocurrencies dropped over 80% in value and the bear market caused many crypto businesses to either conduct layoffs or shutdown entirely.
Christmas proved to be quite a volatile period where the market pumped over 20% before the holiday and erased those gains the following day. Unfortunately, the grinch ended up stealing Christmas from the cryptocurrency markets. Only time will tell whether the same will happen with the current rally.
The extra momentum for Ethereum may be attributed to Arthur Hayes’ interview with Cointelegraph Japan where he mentioned that he does believe ICOs will make a comeback and predicted that ETH will hit $200 in 12-18 months. That is a pretty conservative prediction that more likely than not will come true. After all, Ethereum was at the $200 level back in November which isn’t that far back.
Even with the recent spike, Ethereum is still around $1 billion in valuation behind XRP. However, briefly today the gap was closer to $500 million which suggests that Ethereum may still overtake XRP for its #2 position in the near future.
Ethereum has been on an insane rally not just today but in the past week. In fact, looking at the above chart we can see ETH trumps every other top 10 coin in the 7 day gains – up 27% in the past week. On the other hand, it looks like Bitcoin Cash and Bitcoin SV are the only two currencies out of the top 10 that lost over 10% in value in the past 7 days.
The current market cap for cryptocurrencies is at a healthy $132 billion, it seems that the markets aren’t moving so much right now compared to a few hours ago when the sudden bull run pushed the market upwards.
Currently, BTC is trading at $3,945 and is getting ready to test $4,000 once again which should bring more volatility once that happens. While the weekends were usually slow in the past when it comes to market movements, because this is a holiday weekend things might be more interesting.