Crypto Markets Flying: Litecoin up 30%, Bitcoin Surges 8%, Ethereum 12%, What’s Pushing it?
Led by Bitcoin, the cryptocurrency market is flying high. | Source: Shutterstock
The crypto market has added more than $10 billion in the past several hours as all major crypto assets including Bitcoin, Litecoin, and Ethereum jumped by massive margins.
Bitcoin, which struggled to demonstrate any major movement in the past two weeks, surged by well over 8 percent, recovering to the high $3,000 region.
What’s Causing the Corrective Rally?
On February 8, following a long period of stability and a lack of volatility in a tight price range, traders said that they foresee a strong corrective rally playing out.
Some traders such as DonAlt publicly disclosed the filing of long contracts on Bitcoin and Ethereum, expecting the value of the dominant cryptocurrency to jump higher.
Bought quite a bit of $ETH just above $100 targeting $200.
I could see us break down to $90 which would be my dream entry.
That said I’d much rather have a position than taking the risk of missing the move entirely.
If it breaks below $90 I’d guess we’re going for the shitter. pic.twitter.com/0o3gccdJAk
— DonAlt (@CryptoDonAlt) February 7, 2019
Luke Martin, a cryptocurrency technical analyst, said prior to the 8 percent rise of BTC that a breakout above the $3,480 resistance level could allow the asset to recover beyond key resistance levels.