Glimmers of hope in the crypto market: EOS goes ballistic with a 35% surge
|- EOS market cap surpasses Stellar (XLM) amid a general market rise.
- “Macro trend is still bearish - we're not "out of the bear market" The Crypto Dog reckons.
The market embraced a brief reversal yesterday as investors celebrated the return of the bulls. The bulls in the market have been in hibernation since November when the overarching declines began. The downtrend has been so unstoppable with no one being privy to when the assets will the floor and start a rebound.
However, this week’s trading started with cryptos making significant gains after they had refreshed the yearly lows towards the end of last week. Bitcoin made a nice recovery from $3,181 to $3,541 (roughly an 11% rise). Other assets like EOS reacted positively as well with gains hitting 35% in less than 24 hours. The value increased from $1.94 to $2.62 as its market value rose to overtake that of Stellar (XLM). EOS is currently, the 4th largest cryptocurrency by market capitalization in spite of the negative retracement from $2.62 to $2.49 at the time of writing.
While Bitcoin rose significantly from the lows traded last week, the increase in altcoins has been incredible with some reaching 40% in less than 24 hours. But what triggered the gains? This is the biggest question which most analysts are working to demystify. Several analysts say that there was a squeeze in terms of short contracts conducted on margin trading platforms that culminated in the gains following the extended oversold status.
“Macro trend is still bearish - we're not "out of the bear market" There is no confirmation that the final bottom is in. However, this current price action is not bearish and I think will continue higher. No need to rush an entry, worst case wait for a great short opportunity,” a trader referred to as The Crypto Dog wrote on Twitter.
EOS/USD 15’ chart
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