Crypto Stages a Strong Recovery with Major Currencies Registering Healthy Gains

Cryptocurrency

The Crypto market has staged a strong comeback with the top 20 cryptocurrencies by the market capitalization registering solid gains ranging from 2 to 12%, as per the data from the Coin360. The top cryptocurrency by market capitalization, Bitcoin is trading at $3,742 at the press time which translates into a healthy increase of 2.9% in the valuation on the day. In terms of the weekly gain, the top coin has registered a growth of 2.38%. However, it is the strongest growth registered by Ethereum which has become the talk of the town. The altcoin has registered a stellar growth of 11% in the last 24 hours and was trading at $137.65 at the press time. Moreover, Ethereum has gained consistently over the last week with recovery picking towards the weekend, culminating into a growth of over 13% over the last 7 days. This has helped the altcoin to trade at a value higher than the Bitcoin Cash (BCH) as of Feb 17, 2019. The growth trajectory of Ripple is comparatively flattened and at the press time, it was trading at $0.309. In terms of percentage rise, the Ripple is up by 2.6% over the last 24 hours while the weekly percentage gains stand at 1.7%. The monthly comparison, however, revealed a negative growth of around 5.5% for the asset.

Although Ethereum is trading higher than the Bitcoin Cash, the latter has registered a bullish growth of 6.5% on the day with a trading value of around $130.22 at the press time. Just so you know, Bitcoin Cash is sixth largest cryptocurrency by the market capitalization and has registered a gain of 4.5% on the week. Some of the strong performance on the day include the fifth largest coin EOS which is up by 3%, 9th largest coin Stellat gaining 2.9%, and 10th largest coin Binance which grew by 4.7%. Maker, which ranks 16th in the list of cryptocurrencies, has gained a solid 9% on the day and trading at $555.8 at the press time. The total market capitalization of all the cryptocurrencies stands at $125.9 billion which translated into 3.7% growth in their market cap compared to the last week.

Industry Scenario

Recently Brian Kelly, a well-known CNBC commentator, contended that Bitcoin is undervalued by 50% and has probably touched its bottom value. From here on, the Bitcoin is expected to make gains and hopefully end the bear phase of the market. He expressed this opinion during his interview with the Cointelegraph and hoped that Bitcoin would bounce back in 2019. Further, he exuded confidence that 2019 will pave the way for bright future of the entire crypto industry while conceding that 2018 really lowered the bar for the crypto.

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