Forex and Crypto News

Crypto market enters the bullish phase

16:36 06 February /2020

Analyst Satoshi Flipper tweeted that the growth of Bitcoin and other altcoins may indicate that the market has entered a bullish cycle, which can last up to two years. According to him, the bull market usually lasts longer than the bear market. But for his words to be confirmed, the main altcoins and Bitcoin must rise above their key resistance levels. Bitcoin should rise above $10,000, and Ethereum above $ 200. Overcoming these key levels will bring more confidence to the cryptocurrency market.

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The beginning of the rise in Bitcoin price followed after its price drop to $6450 in December 2019. Since then, Bitcoin has added more than 50% in value. However, it is worth noting that the increase in the price of Bitcoin was to some extent due to concerns about the military conflict between the US and Iran in early January.

Ethereum has already risen more than 80% after reaching a low of $116 in December 2019. Even XRP, which is called the weakest altcoin from the TOP-10, was able to rise by 63% from the moment it decreased to a minimum of $ 0.17.

In general, the cryptocurrency market capitalization grew from $193.5 billion in December 2019 to $273.8 billion in February 2020 (data from CoinMarketCap.com).

Satoshi Flipper noted that the renewed euphoria around cryptocurrencies is premature. We are very far from the cryptocurrency highs.

Although Thomas Lee said that he is optimistic about bitcoin this year, explaining that last year Bitcoin grew by almost 90% - so the asset class with the best performance has tripled. And we think that the profit this year will be even stronger because we have the catalysts.

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