Tron (TRX), Ethereum (ETH), And IOTA (MIOTA) Enjoyed Mid-December Recoveries When The Market Was On A Downtrend

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Bitcoin (BTC) and the entire cryptocurrency market suffered bearish pressure almost throughout last year. On more than one occasion, the prices attempted to break out of the yearlong dip but none of these attempts were successful long-term. As expected, the entire cryptocurrency market fell along with Bitcoin. Many members of the cryptocurrency community expected that the prices will be rescued by the bulls in December but this didn’t happen either. The bears still had power over the bulls.


ETH, IOTA, Tron (TRX) Manage To Enjoy Short-term Recoveries


While Bitcoin and other cryptocurrencies fell, some altcoins were able to enjoy mid-month recoveries. IOTA, ETH and TRX successfully resisted the gravitational pull that affected the entire market. While it wasn’t as much as expected, it allowed them to end the year on a positive note. These three coins started December on a downward slope but recorded mid-month recoveries that allowed them to break even in the third week of December. After that, they surged higher considerably. This happened at a time when BTC fell against the USD.


Ethereum (ETH) Price Today – BTC / USD[ccpw id=”10762″]


Within a 30-day period, ETH is up by 20% and was positioned to end the month at $136. In fact, ETH has been closing in on XRP attempting to reclaim its position as the second largest cryptocurrency per market capitalization. It’s possible that the price correction was influenced by the short squeeze on margin trading platform in the cryptocurrency market. Even if Ethereum (ETH) is still trading below 90% of its all time high, it displayed significant gains last month.


Meanwhile, tron went higher towards $0.0193 indicating a 33% rise from its November close. This solidified its position as the 10th largest cryptocurrency per market capitalization. IOTA was up by 25% within a 30-day period. It is firmly ranked in 12th position.


Bitcoin (BTC) Price Loses Ground


The ETH, TRX and MIOTA rallies were all surprising because they occurred at a time when BTC was losing ground against the USD. The general direction of the market was south while these coins faced north. Over a 30-day period, BTC fell by 5%. Imagine experiencing such a price drop at a time when the market was expecting the launch of Bakkt, a cryptocurrency startup owed by Intercontinental Exchange. Bakkt was expected to list the first ever Bitcoin futures that will be physically settled. The launch was shifted to 2019.


TRON (TRX) Price Today – TRX / USD[ccpw id=”17330″]


While the price of BTC lost ground against the USD, Bitcoin’s dominance in the cryptocurrency market remained above 50% throughout December even if it declined slightly during the month. XRP, did better as it pullback by only 3.3%. Bitcoin Cash (BCH) fell by 9.45% while EOS fell by 12.21% within the same 30-day period. Stellar Lumens (XLM) suffered greatly falling by 30.26% and the entire market lost around $8.4 billion globally within 30 days. CoinMarketCapital showed that the market capitalization was down by 6.2% standing at $128 billion at the end of December.


XRP (XRP) Price Today – XRP / USD[ccpw id=”10545″]


Tron, ETH and MIOTA outperformed the entire market giving the altcoin market a recoup. This was why altcoins were able to take some of BTCs market capitalization. At the beginning of the month, BTCs market share was at $53.5%. At the end of the month, it fell to 51.9%.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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