Positivity persists this morning, with cryptocurrencies across the board now starting to climb upwards, after a number of days sat within deep declines. These declines have really taken it out of the market and in turn, have done some real damage, however, now things are starting to look a little more optimistic at the very least. As values start to move upwards, we can tickle the idea that we could be due for a recovery soon enough. If this is the case, finally through this weekend, we could see cryptocurrencies make some significant ground and move up towards the values that we saw at the start of May, as a result of the mid-April market surge.
Likewise, the downfall of the markets recently, could be about to trigger another bull run, if this is the case, we are in with a chance of seeing some real significant gains.
As currencies within the top 20 for market capitalisation, VeChain, Ethereum Classic and Binance Coin all have the potential to show us how the rest of the markets are going to perform. I.e., when these sorts of currencies begin to make ground, we can expect the rest of the markets to follow on.
As it stands, these currencies are following a path that looks to be set by EOS, the currency of the day, that really does seem to be moving negativity out of the way and pushing the markets forward. At the time of writing, EOS is up 10.35%. With Bitcoin down 1.35%, who is the real champion here?
VeChain is valued at $3.58 at the time of writing and is up 0.37%. This rise may only be small, but it could the first sign of a new positive trend, set to take over the markets.
Likewise, at the time of writing, Ethereum Classic is valued at $15.23, up 1.46%. Ethereum Classic is starting to make significant moves upwards. Again, this is no surge, but overall it could be a sign that at the very least, a minor recovery is about to sweep the market.
Finally, Binance Coin, at the time of writing it is valued at $12.77, up 0.97%. Once more, a short gain in the grand scheme of things but, it is evidence that Binance Coin is another currency that has been picked up by this sudden upwards trend.
As the day develops, we could very well see this upwards trend continue to sweep the market. Moreover, we could see its acceleration increase, pushing the markets onto a new trajectory. If EOS is anything to go by, this could indeed be the case, going into the weekend.
Please bear in mind that this is not investment advice. We can’t guarantee that what new are seeing right now really is recovery, or something more advantageous. It could ultimately just be down to sheer coincidence or a blip in the market. Fingers crossed though, we do see cryptocurrencies start to recover soon enough.