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

Technical Analysis in Cryptocurrency Trading
Technical Analysis in Cryptocurrency Trading

In 2019, cryptocurrencies can be called the most popular financial instrument. High volatility of tokens creates a good potential for obtaining super-profits...

Binance Coin Price Forecast
Binance Coin Price Forecast

Binance Coin (BNB), the native coin of Binance cryptocurrency exchange, is one of the rare coins that saw launch back in 2017, but reached its all-time high (ATH) in 2019. In fact, it is arguably...

XRP Price Forecast
XRP Price Forecast

XRP price has seen quite a lot of activity in 2019, both positive and negative. After reaching its ATH on January 4th, 2018, the XRP price crashed, and barely a month later, it was already below $1. By mid-2018, it reached...

Hong Kong Protests Inflate Bitcoin Price
Hong Kong Protests Inflate Bitcoin Price

It would appear that the definition of Bitcoin as a “revolutionary instrument” should now be viewed in a new context. The most dominant cryptocurrency is gradually...


Cryptocurrencies grow on the partial cancellation of advertising ban
Cryptocurrencies grow on the partial cancellation of advertising ban

On Friday, the main cryptocurrencies are actively growing, and Bitcoin has risen above $ 6,000 first since November...

Binance Coin rate dropped the most on hacker attack
Binance Coin rate dropped the most on hacker attack

The attack had a slight effect on the top ten cryptocurrency quotes, and the Binance Coin rate dropped the most. The largest cryptocurrency exchange, Binance...

Cryptomarket declines after hacker attack on Binance
Cryptomarket declines after hacker attack on Binance

On Wednesday, the main cryptocurrency is declining in price amid reports of a hacker attack on the Binance stock exchange on...

Bitcoin rose to the level of $6000
Bitcoin rose to the level of $6000

The sharp rise in the price of Bitcoin, which almost reached a key resistance level of $ 6,000, continued on Tuesday. Observers are confident that as soon as institutional capital begins...