The crypto market sees green again

February 27, 2019   TRON

The crypto market sees green again: Are the bulls rushing back?

The crypto market is once again seeing gains after highly volatile events in the past few days. Investors around the world are still hoping for the rally that will bring the coins back to higher prices.

After seeing massive losses in 2018, the crypto market started 2019 with a period of stability. Any potential gains that were made during this time have soon been nullified by sudden corrections, which has been a trend that persisted until mid-February. At that point, an apparent bull run surrounded nearly every coin on the market, with Bitcoin itself seeing larger gains that brought its price to $4,000.

Some of the coins surged by as much as 20%, from the lows observed in 2018. Litecoin has been one of the first to have gone past its 200 days SMA and EMA, which is a key parameter that separates the bull and bear markets. In the last two months, TRON also managed to double its price through several minor surges.

Ethereum and other ERC-20 tokens have also fared rather well, with ETH itself going up by over 30% during the previous week, reaching the price of $150 per coin, while Binance Coin (BNB) also more than doubled its price, surging past the $10 mark. For a while, it seemed that cryptocurrencies might repair the damage experienced during and after the second market crash, which happened after the BCH hard fork in mid-November 2018.

The brief return of the bears

The rally ended rather suddenly on February 24th, when the bears emerged once again, bringing the coins' prices down within only a few hours. The drop was sharp, but it was not long-lasting, and the coins managed to find their respective supports relatively soon. Bitcoin itself fell from $4,000 but was stopped by a support level at $3,800. In the last two days, the coin has been seeing minor growth, which brought it to its current price of $3,865.49.

At the time of writing, almost every coin on the list of top 100 largest cryptos by market cap is trading in the green, with some of them even seeing massive gains. The most notable gainers on the list are Theta (THETA), which is growing by 29.28%, ABBC Coin (ABBC) which is growing by 30.38%, and Decentraland (MANA) which is up by 29.59%.

As for the top 10 largest cryptos, the biggest gainer currently is BNB, although it has only seen 2% gains in the last 24 hours. The rest on the list are still trading in the green, although their gains are below 2%.

It is difficult to predict what will happen next, whether the coins will be caught up in another rally, or will the drop continue in the following days. Due to the highly volatile nature of the market, traders and investors should keep a close eye on the prices, and be prepared for them to go either way. The general opinion is that the return of the bulls is a less likely scenario, although some events, such as Nasdaq's launch of Bitcoin and Ethereum indexes, may help the coins surge once more.

For now, however, the market is seeing stability, although it is unclear how long it might last, or what will happen next.


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