The digital currency market is gradually recovering after several weeks of massive declines. The crypto market has been on a downward trend since the beginning of this year. However, the month of November was really hard on the market. The digital currency market saw a sharp decline in a matter of days and plunged deeply.
Bitcoin (BTC) – the world’s most dominant digital currency – declined sharply in mid-November. The digital currency experienced a massive decline below the $3,500 mark. Many thought this would be the downfall of the digital currency, as it seems it was heading to zero.
As Bitcoin (BTC) declined sharply, it carried the rest of the digital currencies in the market along. Ethereum (ETH) – which was second to Bitcoin (BTC) on the list of top digital currencies by market cap – also lost a significant fraction of its value. The massive losses of the digital currency also caused it to lose its position to XRP (XRP). XRP (XRP) is now the second largest digital currency in the world after amassing more gains which resulted in an increase in its market cap.
The Crypto Market Recovers
Bitcoin (BTC) has recovered considerably over the past few days. The digital currency, which was trading close to the $3k level, recently recovered over the $4k level. Bitcoin (BTC) even surged towards the $4,500 mark before it started correcting lower.
As Bitcoin (BTC) is recovering, it is carrying other coins in the market along. Ethereum (ETH) has recovered significantly over the past couple of days. The digital currency is now trading over its hurdle point at the $130 level.
Ethereum (ETH) is one of the digital currencies with the highest gains in this ongoing recovery phase. Ether has been trading below the $80 mark over the past weeks. The digital currency recently recovered over the $100 mark and surged towards the $140 mark in a few days.
Constantinople Will Activate on Block 7,080,000
Constantinople is the next pertinent protocol of the blockchain project. The upgrade was initially scheduled to launch this year. However, the launch was shifted to next year due to some circumstances. According to a recent Ethereum Core Dev bi-weekly call, Constantinople with be activated on the processing of block 7,080,000. According to statistics from Etherscan, the activation is expected to take place on the 14th of January.
The Crypto Market Has Reached a Bottom
“I am calling the cryptobottom of 2018,” says Joseph Lubin via a Twitter post. According to the post, Lubin said: “This bottom is marked by an enormous amount of FUD- fear, uncertainty, and doubt – from our friends in the fourth and crypto-fifth estates.
Tron (TRX) Recovers alongside Ethereum (ETH) and Bitcoin (BTC)
Tron (TRX) is also recovery very fast alongside other digital currencies in the market. The digital currency welcomed an increase of 48 percent, surging to towards the $0.021 level. The recovery didn’t really come as a surprise as the founder and CEO of Tron (TRX) – Justin Sun – has been a strong advocate for the digital currency.
TRON (TRX) Price Today – TRX / USD
Tron has been making a lot of announcements and advancements even when the crypto market was experiencing a free fall. The digital currency is now recovering, and it is now trading over a major resistance level.
Ethereum (ETH) Price Today – ETH / USD
Ethereum (ETH) is currently changing hands at $135 after a decrease of about 11 percent over the past twenty-four hours. The current market cap of the digital currency is $13.43 billion with a trading volume of $3.65 billion.