Market Analysis

25 billion USD rally leads to cryptomarket stabilization

25 billion USD rally leads to cryptomarket stabilization
Sep 23, 2018 by Rico Wise

The past two days have shown an overall market capitalization growth by over 25 billion US dollars, accounting for 223 billion dollars at the moment. XRP and ETH currencies have kept up their pace at a price range.

Since this Thursday, the cryptomarket has commenced a confident correction surge, which came as a result of highly oversold conditions. However, the massive upward momentum of the majority of dominant digital currencies and lesser market capitalization tokens have caused the retracing in the market, as most financiers predicted.

Such digital currencies as Tezos, Status, Waltonchain, and Stellar have all registered losses in the 6-8% range, subsequent to a nearly 20% price growth over the last day. Mike Novogratz, a world-known billionaire financier, who is renowned for owning over 20% of the digital currency market, claimed that 6,800 USD is the level of major resistance that BTC has to break in the nearest future.

The BTC value remains under 6,800 USD level so far, and if the trading volume of the world’s most dominant digital currency can be maintained over the following 24 hours, it will become very possible for BTC to overcome the 6,800 USD level in the short term. If the currency does so, it will take the cryptomarket into the 7,000 USD area, therefore establishing the possibility for BTC to test the 8,800 level in the middle term.

As Mike Novogratz pointed out, 6,800, 8,800, and 10,000 are the three major reistance levels that the dominant currency will have to break through.

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Stellar
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Status Network Token
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Tezos
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Waltonchain
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Ethereum
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Bitcoin
Coin
XRP
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