The long-awaited growth of cryptomarket

February 11, 2019

At the end of the previous week, the market of virtual currencies has grown after a long decline. Bitcoin was trading at $ 3,700. The price of Ethereum increased to $ 120, and the cost of XPR was $ 0.3085.

In the morning, virtual currencies were trading in a moderate lateral range, but in the afternoon there was a jerk. Bitcoin has risen up, added about 12% during just several hours  and reached the level of $ 3,800, followed by other cryptocurrencies. The reason for the growth was a fragment of an interview published on Twitter by one of the four commissioners of the SEC of the US, Robert Jackson, who said that the regulator could still allow the launch of an ETF for Bitcoin. Meantime, the Commission has about 240 days to decide finally on the application for the introduction of Bitcoin-ETF, and a lot can change during this time .

According to the forecast of the Fundstrat Global Advisors analytical agency, quite soon, a fall in the dollar and more solid results on the stock markets of developing countries can impact positively on the price of virtual currencies. Besides, financial experts expect a rise in the institutional investors'activity on cryptocurrency market, especially in custodial products and over-the-border trading. Moreover, the impetus for higher demand for cryptocurrencies from investors may be support for plastic cards on Binance cryptoexchange, the possible achievement of a critical mass in the Lightning Network, and access to IPOs of such major companies as Bitmain and Bitfury. One more positive sign for the industry may be the reduction in trading volumes on BitMEX derivatives exchange.

In our forecast for Monday we expect a downward correction in the virtual currency market. Bitcoin may decline to support levels of 3640, 3600 and 3570 dollars. Ethereum support levels can be 117, 115 and 112 dollars. The price of XPR may drop to 0.3060, 0.3030 and 0.3000 dollars.

Cryptocurrency: XRP

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