In an indication of what could be the end of the crypto winter, all the major cryptocurrencies including the Bitcoin and Ethereum have recorded impressive gains in their value in the last 24 hours. At the Press time, the total market capitalization value of the crypto industry is pegged at over $142 billion in which more than half of the value is claimed by the Bitcoin. While going to the press, the value of Bitcoin was trading at under $4,200 as it shot from its opening value of under $4,000 to new value within a couple of hours. Not only the Bitcoin, but all other major cryptocurrencies have also registered gains with many like Ethereum claiming even higher gains than the Bitcoin. The value of Ethereum at the press time was at a little over $160 which translates into an increase of more than 10% in its value. Some of the other altcoins which have shown impressive comeback during the day include EOS with the gain of 13%, Tron, Bitcoin Cash, and Litecoin all with a gain of 5%, and XRP with a gain of little over 4%. If this growth trend continues, we expect all the major cryptocurrencies to increase their market valuation by registering a growth no less than a double-digit gain. More importantly though this recent upsurge indicates that we might have reached the end of a long crypto winter despite the fact that Bitcoin hasn’t hit the wildly rumored bottom of $3,000. Experts and market analyst are hoping that from here on, there is only growth path ahead for the cryptocurrencies and the overall market.
Reason behind the upsurge
When asked about the reason behind this crypto market surge, senior market analyst at eToro opined that this market really had been triggered by the shortage of Ethereum’s supply in the market. The analysis seems to be well placed given the fact that ethereum has registered the most impressive games in the crypto market in the last 24 hours. This suggests that the shortage of Ethereum is suddenly one of the reasons behind the crypto gains. Another positive development that has contributed to increasing the market valuation of the cryptocurrencies is the announcement from the house of South Korea’s major mobile handset maker, Samsung. The company has announced that its latest models will have support for the crypto wallets, indicating a major shift in the company’s policy from the past. This announcement also supports the fact that cryptocurrency is on the path to becoming mainstay technology in the future. Prior to the Samsung announcement, the crypto market has also received some bold, positive comments, Jesse Lund and John McAfee, with both stating that Bitcoin will ultimately hit $1 million. According to Jesse Lund, this will happen someday while John McAfee sees this happening as early as the end of the year 2020.
Market experts agree on the fact that the coming week is going to extend its gains and the rally will be again led by Ethereum. We also have a long coming Constantinople upgrade which is expected to happen around the 27th of February and will further fuel the bullish market trend. For now, crypto enthusiasts are hoping that this short-term market rally will ultimately convert into a long-term bullish trend. Whether that will happen or not, only time will tell.