As a new year for cryptos begins, there has been a general Bull Run in the top twenty cryptos especially as well as across the board. The Bullish trend is perhaps the market’s attempts at correction after bearish wave that hit the markets since November 2018.
Throughout the first week of the year, most of the coins in the top twenty category according to market capitalization saw green on price analysis charts as investor confidence continued improving in the post fork period. The week was also punctuated with news that Ethereum was on its way to regaining its position as the second top crypto in terms of market capitalization after Bitcoin. This position had been taken by Ripple after ETH’s poor showing in the markets during the 4th Quarter of 2018.
Bitcoin is selling at $4153 today, up from $3832 at which it was exchanging against the dollar at the turn of the year (January 1). This represents an 8% increase with the Bull Run expected to continue seeing that the 7 day EMA (marked C) is above the 21 day EMA (marked B) and the former is currently acting as the price determinant.
Throughout the week for Bitcoin, there was a robust Bull Run albeit with few Bearish moments. This saw the most popular digital coin hit a new high of $4218 on January 6. On the other hand, Bitcoin hit a low of $3788.
The good run experienced by Bitcoin in the markets was also reverberated in its Relative Strength Index as seen in point A. The RSI moved slightly into the ‘undersold’ area on January 6. This goes to show that investor sentiments are high in the coin which might have the effect of pushing its value further up.
After a turmoil-filled 2018 for Ethereum, 2019 looks promising as ETH is being poised to overtake XRP crypto-rating. Throughout the first week of 2019, investor confidence grew tenfold as the RSI (marked A) kept pushing into the ‘undersold’ area (Beyond 70). This, coupled with a 16% gain it experienced throughout the week, pushed investor confidence upwards.
Also, the 7 day EMA (C) was above the 21 day EMA (B) for most parts of the week which signals a strong Bull Run. At the moment, ETH ($16.3 Million) has surpassed XRP ($15.9 Million) in capitalization.
Throughout the week, Ripple was up by 3.7%, coming from $0.36131 on January 1 to $0.37467 today. Ripple’s Bull Run was however not enough to help it beat off competition from Ethereum in the markets as it was finally overtaken in market cap ratings as explained above.
As seen in point A, investor confidence tested the ‘oversold’ region but did not cross over. At the moment, the 7 day EMA (Marked B), is acting as the price support and was dominantly above the 21 day EMA (marked C). This signals that the Bullish trend might be here for longer. CRYPTO IS COMING!