Bitcoin price up above $6,500, Ethereum approaches $220, as Novogratz calls market bottom
There have been more green numbers in the crypto Top 10 in the last 24hrs, as Ethereum rises 17% – and a big crypto investor has called this week “a low” for the market in 2018.
Ethereum took a big jump towards recovery yesterday as the ailing crypto – that has been battered by the winds of the markets and public sentiment over the last month or so – jumped over 16% in the 24hrs prior to time of writing, to reassert itself firmly above the $200-mark. It currently stands at $217, having been as high as $220 in recent hours – and having dropped as low as $167 in the past few days.
Here are the prices of the Top 10 cryptocurrencies as of 8.35am this morning (GMT+1).
Looking at BitFinex trading for ETH against the dollar, we can see that in the early hours of this morning it briefly broke back above the $220 mark before finding resistance. As we noted yesterday, this would be around the area technical analysts may be looking at Ethereum surmounting as a sign that it is possibly breaking out of the downward trend it is currently locked in. Thus it will be interesting to see if the market can sustain a challenge at this price point or whether ETH continues to track along the top line of the wedged channel that has shaped its decline this year.
While only three of the Top 10 are showing green numbers across seven days, all 10 made gains yesterday, for the second day running. With that recovery – from what were, let it be said, pretty depressing 2018 lows for some of the altcoins in the list – has come hope that the crypto markets have finally seen the worst of the year. Buoyed by news of Morgan Stanley apparently having advanced plans to offer crypto derivatives, and as we move towards another big decision from the SEC on an Exchange Traded Fund – due September 30th at the latest – crypto bull, Mike Novogratz, decided that he was confident enough to call the prices we’ve seen this week, and the low market cap we’ve seen for the crypto market as a whole, the bottom for 2018.
Quoting its own Bloomberg Galaxy Crypto Index, the CEO of crypto investment firm Galaxy Digital took to Twitter to make the case that the market had now re-traced back to the point where the boom of 2017 had taken off, and thus was done with its bearish inclinations for 2018.
This is the BGCI chart…I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom pic.twitter.com/EasTBYgjSj
— Michael Novogratz (@novogratz) September 13, 2018
Bitcoin moving back towards $6,600 – and performing relatively calmly as altcoins around it lost their heads – plus and limited recovery of Ethereum are positive signs. However, we’re not nearly as sure the bears are done with crypto as Mr. Novogratz just yet.
Ethereum still has more than one point to prove, and its dApps are far from proving the worth that many ICOs have put on them right now – a fact that also leaves cryptos like Ethereum Classic, EOS and Neo vulnerable to poor sentiment too. Another SEC rejection for the final ETF on the table could easily begin another sell-off while the market waits for the launch of Bakkt and whatever Morgan Stanley has planned – and until Ripple gets its xRapid and RippleNet projects out of the testing phase, and investors can see exactly what effect they will have on demand for XRP.
In a jittery market, we’re a long way from closing out the story of cryptocurrencies in 2018, but for now investors are seeing a few days of respite after a tough week or two.
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