ETH, the native cryptocurrency of Ethereum, jumped more than 16% overnight, bouncing back $ 224.
Within 48 hours, the price of ETH rose from 168 to 224 dollars, an increase of more than 33 percent. While the ETH fell slightly to $ 215, the second largest cryptocurrency market has found room for maneuver that could allow him to find his pace.
It is early in ETH's corrective rally to definitively conclude that the ETH has begun an upward movement. But investors in the market are optimistic, as the valuation of the cryptocurrency market has recovered beyond the $ 200 billion mark, reaching $ 204 billion.
Market recovery
According to Alex Kruger, an economist and researcher in cryptocurrency who has previously expressed concerns about a potential decline in the value of cryptocurrencies following a solid recovery, the rise in ETH is expected to continue in the coming days.
"The breakout of $ 6,400 from BTC caused an impressive reversal of + 13.5% ETH ($ 189 to $ 215). Expect a continuation to the top, "he said, reaffirming his shared goal on 12 September, when the ETH began to recover.
Kruger added:
"ETHUSD management depends on BTCUSD. If BTC loses $ 6,400, the next levels are $ 6,600 to $ 6,650 and $ 6,850. ETH would break a lot harder. Temporarily Expect then a resumption of sales, the BTC to break the lows of the year, a campfire between the alts, and ETH weaker than competing chips. This is my vision
Already, chips like Nano, Tezos, Kyber Network, BAT, Tron, 0x, ICON and Ontology have started to earn decent gains against Bitcoin in the range of 5 to 20%.
In general, tokens have followed ETH's short-term price trend in recent months. As Ethereum begins to show some upward momentum and the ETH's optimistic price trend can be maintained throughout the week, it is likely that tokens will see significant gains over time. major currencies.
The recovery of the market, undoubtedly induced by strong oversold conditions, comes at a time when some of the most positive developments in the cryptocurrency sector concerning the institutionalization and regulation of the market appeared.
With Citigroup, Morgan Stanley and Goldman Sachs committed to providing cryptographic protection and cryptocurrency futures, investors anticipate an influx of institutional investors into the market.
After BitGo was authorized to act as a crypto depositary and Morgan Stanley unveiled plans to service the cryptographic market, Barry Silbert, founder and CEO of Digital Currency Group and Grayscale Investments,
"Who else is inflamed?"
Market on decent trajectory
The cryptocurrency market will probably remain in the low price range, between $ 200 billion and $ 250 billion over the next few weeks. Stability is needed for a market that has experienced the fourth largest decline in its history.
With the market posting a solid recovery, a gradual rise in prices is more conducive to medium-term market growth. Bitcoin at least has grown steadily from the $ 6,000 support level and now oscillates around $ 6,600.