Within merely 24 hours after experiencing a major correction during which every single cryptocurrency in the market plunged in value, the cryptocurrency market has completely recovered.
The market valuation of cryptocurrencies surged from $480 billion to nearly $600 billion, to the point before the correction on December 21.
Today, on December 23, all cryptocurrencies in the market from bitcoin to the top 100 cryptocurrency have surged in value. Specifically, Bitcoin Cash recorded the largest gain in the top 20 cryptocurrencies with a 52 percent overnight price increase.
Others including bitcoin, Ethereum, Ripple, Litecoin, Cardano, and Dash have all increased by more than 20 percent.
On December 22, prior to the recovery, several analysts including Alan Silbert and Robert Reid noted that throughout 2017, the price and market valuation of bitcoin have fallen by more than 30 percent on six occasion. After each correction, bitcoin recorded a significant gain in value.
Bitcoin has “crashed” 30% SIX TIMES in 2017. Each “crash” has been followed by an increase of: 76%, 237%, 183%, 165%, 152%. Bitcoin takes 7 steps forward, 2 steps back, 7 steps forward, 2 steps back. Every 2 steps back is heralded as the end of #bitcoin. Relax! pic.twitter.com/bV5ZFeucTp
— Robert Reid (@robertreidmd) December 22, 2017
Cryptocurrencies with the biggest daily gains in the top 20 rankings are Verge, Bitcoin Cash, Monero, with 176 percent, 52 percent, and 41 percent increase in value respectively.
Max Keiser, a highly regarded financial analyst and bitcoin expert, also noted that with the current momentum, bitcoin will initiate a new rally and surpass through $20,000 with ease in the short-term.
Sharing the chart below, which has been an accurate demonstration of the bitcoin price and the value of almost every cryptocurrency in the market to date, Keiser stated, “this is still true. This chart pattern will take us to $100,000 #bitcoin. Fiat currency is a barbarous relic,” expressing his optimism in regards to both the short-term and long-term price trend of bitcoin.
For many months, analysts have expected the price of bitcoin and the valuation of the cryptocurrency market to surge during the holiday season, around Christmas and new years. With Christmas Eve approaching, analysts believe that the price of cryptocurrencies will increase rapidly as new relatives, friends, and family members become introduced to bitcoin and a new asset class in cryptocurrencies.
Already, with less than 24 hours left to Christmas Eve, the cryptocurrency market has demonstrated a speedy recovery and a rapid surge in valuation. From December 25 to January 1, analysts see the valuation of cryptocurrencies rising further.
In several leading markets such as Japan and South Korea, investors have already started to invest in cryptocurrencies with high premiums. On Bithumb, South Korea’s leading cryptocurrency exchange, bitcoin price is at $17,600 and the price of Bitcoin Cash is nearing $4,000.
In the upcoming days, the cryptocurrency market will likely demonstrate optimistic signs of growth and recovery, as the demand for bitcoin and other leading cryptocurrencies continue to surge rapidly.
Fundstrat’s Tom Lee stated:
“We are buyers of bitcoin on this pullback. The intrinsic/fundamental value of bitcoin has risen in the past month given the surge of new wallets and hence, explains the rise in our short-term target price.”
Last modified: May 20, 2020 9:15 PM UTC