We awake this morning to signs of a positive market in the wake of a very recent depression, which has seen value and confidence drawn out of cryptocurrencies market-wide. This depressive campaign seemed to be kick started by some bad news regarding South Korean cryptocurrency exchange, UPbit. The news, accusing UPbit of engagement in fraudulent activities helped to influence a market-wide retraction which saw Bitcoin move past $8,000.00 as well as pushing other currencies down below significant figures.
This morning however, things are finally looking healthier, brighter and far more optimistic. The general consensus is green, this seems to be have been the case for a while now, so we can probably start to assume that this positive trend is set to continue. A recovery is underway and we couldn’t be happier about it.
Let’s have a look at the markets today.
At the time of writing, Bitcoin is valued at $8,530.79 and is up 3.04%. After reaching a low under $8,000.00 last week, Bitcoin has shown some resilience and managed to climb back up through the weekend. As we see Bitcoin move back up towards $9,000.00, we can start to look forward to Bitcoin reaching $10,000.00 once more. Hopefully this recovery can inject some real value into Bitcoin and thus, hopefully we see some great movements across the markets as a result of this.
At the time of writing, Ethereum is valued at $717.68 and is up 1.36%. This upswing might seem like a slow one, but with Ethereum now back within the $700.00 range, we should see Ethereum continue to progress to around $750.00 through the day. If this is the case it will confirm our suspicions that a recovery is underway.
Slightly further down the markets, Bitcoin Cash is valued at, at the time of writing, $1,274.92 and is up 3.14%. By holding its own above $1,000.00, Bitcoin Cash has demonstrated some true value, even during the market retreat. Hopefully we see Bitcoin Cash sit comfortably past $1,5000.00 once again.
Cardano, Stellar and TRON are all seeing great gains at the moment. At the time of writing Cardano is up 6.36%, Stellar is up 3.33% and TRON is up 16.13%.
Overall, things do now seem far more positive. In wake of recent events, this should be met with open arms. From here on in, we hope to see this optimism continue, currencies like Bitcoin have the opportunity to lead the markets towards some great things, great things that can be inspired by high values, high values that can only be reached when the markets are making positive moves like we see today.