The cryptocurrency market just had a positive rebound following last week’s downward slope of all major cryptocurrencies. The major players in the market have recorded double-digit gains with BTC trading at $7,500 and Bitcoin Cash trading above $1,000.
Cryptocurrency Price Analysis
Bitcoin Cash traders were disappointed when the coin failed to hold up above the $1,000 level. However, the bulls saved the day with BCH recording a 12% increase within 24 hours and a 20% increase within 48 hours. This is especially intriguing since the bears are still in the market.
Also, Ripple XRP had some gains and was able to retake the $0.60 level with signs of more increase coming up short-term. The news about the rapid increase in the adoption of the Ripple protocol may have contributed to this boost in price. Ripple is set for more gains in the next few days.
Ethereum also had an impressive come back currently consolidating its losses at $550 after it dropped low within the last few days. It is finally making a push towards $600.
These three aren’t the only gainers. Litecoin also went to the $120 level and may get to mid $120 within the next few trading sessions.
EOS managed to recover from the recent loses trading at $12 at press time. There is hope that the upcoming Mainnet launch will push EOS into a whole new trading level.
Neo has crossed the $50 level trading above $53 at press time. Stellar Lumens managed to gain up to 10% trading at $0.28. It may push to $0.30 soon considering the price action.
Dash, settled at around $300 and showed little movement but Cardano had significant gains and had maintained the $0.20 level. Ethereum Classic is firmly at the $15 level.
This is good news for the cryptocurrency industry and it looks like the next few days of trading will record more gains. Traders need to study the market for a while before considering long-term moves.