Crypto Markets Flying: Litecoin Up 30%, Bitcoin Surges 8%, Ethereum 12%, What’s Pushing It?
The crypto market has added more than $10 billion in the past several hours as all major crypto assets including Bitcoin, Litecoin, and Ethereum jumped by massive margins.
Some traders such as DonAlt publicly disclosed the filing of long contracts on Bitcoin and Ethereum, expecting the value of the dominant cryptocurrency to jump higher.
Luke Martin, a cryptocurrency technical analyst, said prior to the 8 percent rise of BTC that a breakout above the $3,480 resistance level could allow the asset to recover beyond key resistance levels.
It is possible that buy walls below the $3,300 mark for Bitcoin and other key levels like $100 on Ethereum pushed the market to recover speedily.
Alex Krüger?, an economist and a cryptocurrency analyst, said that the support of the approval of a Bitcoin exchange-traded fund by a U.S. Securities and Exchange Commission commissioner Robert Jackson could be considered as one of the fundamental factors that fueled the recent momentum of the market.
“On the fundamentals side, SEC commissioner [Robert] Jackson hinting towards eventual support for a Bitcoin ETF is big. On the technicals side, once BTC moved above $3450, it turned into a classic squeeze. Zooming into an intraday chart allows to observe the latter,” the analyst said.
Based on the magnitude in which most cryptocurrencies rallied, the corrective rally the crypto market demonstrated in the last 6 hours could provide the asset class with short-term strength.
Joseph Young’s original article for ccn.com reduced by 65%
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CN [too long; didn’t read]
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