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Cryptocurrencies prices stabilized over the weekend and Bitcoin is in the saddle again. It has regained an important technical level which could pave the way for further short-term rallies. Billions flowed back into the market after the latest brush with yearly lows.
According to CoinMarketCap, the value of all cryptocurrencies in circulation was nearly $257 billion, after the cryptocurrency market has recovered more than $20 billion in lost value this weekend.
Cryptocurrencies prices stabilized and Bitcoin and the major altcoins rebounded double digits on Saturday which was really the resurgence. Bitcoin was little changed on Sunday, as prices approached $6,400 after nine days of agony.The $6,400-$6,500 level is considered to be the next major resistance test for the bitcoin price.
Other cryptocurrencies also stabilized Sunday. Ethereum traded above $450, bitcoin cash held steady around $740 and Ripple XRP was virtually unchanged at $0.460.
Four years ago, when bitcoin dropped by as much as 80%, it took 300 days for the bottoming. This year, bitcoin’s 70% price collapse occurred over a much shorter span of 200 days which is a more accelerated version of the 2014 price collapse.
This has led to speculation that the cryptocurrency will experience a faster corrective rally than that previous one.
BitMEX CEO Arthur Hayes recently telling CNBC that a rally to $50,000 this year shouldn’t be ruled out.
BitMEX CEO Arthur Hayes recently telling CNBC that a rally to $50,000 this year shouldn’t be ruled out, which is a common opinion of fundamental analysts.
Disappointing June performance discounted a lot of positive developments in the market, including major developments on the regulatory front in places like South Korea or Malta. After the central bank barred financial institutions from dealing with virtual exchanges or their customers, India will propose a new cryptocurrency strategy as early as next week.
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