One year to the day since reaching its all-time high, BTC did something it hadn’t done in a long time on Dec. 17 – it posted double digit growth. Over the last 72 hours, BTC has risen by over 20 percent, helping to drag the crypto market’s capitalization up by a total of $21 billion. At the head of the charge, however, has been BCH, up more than 40 percent in a day. While too early to call it a recovery, traders are feeling cautiously optimistic.
Also read: Offchain Indicators Suggest JP Morgan Is Wrong to Write off Bitcoin
Green Shoots and Cautious Optimism
Even the most stoic of traders would have to concede that the last few months have been grim. While two green wicks don’t signal a bull market, this week has eased some of the despair, and coaxed no shortage of Twitter traders out of hibernation. Making correct calls becomes a much easier undertaking when digital assets are rising or looking primed to break out across the board.
The sense of relief that’s permeated the cryptosphere since Monday, one year to the day since BTC reached its all-time high of almost $20,000, has been palpable. No one is getting carried away at this stage, however, for to do so would be ridiculous; the top five cryptocurrencies by market cap are still down 25-52 percent each in the last 30 days. This week’s mini-rally, which has included BCH climbing from a low of $80 to $140 per coin, has only reversed recent losses.
Crypto Twitter Learns How to Laugh Again
As BTC passed $3,900 in trading sessions today, before retreating, and BCH went through the gears, cryptocurrency traders relished the respite from what has at times felt like a year of red candles. Other top gainers on Dec. 19 have included stratis (STRAT), up 50 percent, and chainlink (LINK), up 22 percent, much to the jubilation of bag-holders on /biz/ who remain convinced that memeing the project’s founder into increasingly preposterous photoshops will keep their altcoin pumping.
“Actually starting to feel bullish for the first time since we started dumping from $20k,” confessed one imageboard user. “The thing that really sucks about this pump is I decided pretty early on not to bother with it and watch multiple coins I normally hold when not tethered do a 40%,” replied another. “The stress of not fomoing in has been intense … Now I have to deal with weeks of this shit before we continue down again.”
The latter remark perhaps best captures the current mood: traders are happy for the uplift in crypto prices, but aren’t banking on the good times to last. They’ve been burnt too many times this year, and with 12 days to run, 2018 might yet have a sting in its tail.
— Crypto฿ull (@CryptoBull) December 19, 2018
What are your thoughts on this week’s market action? Do you think the good times will last or is this just another fake out? Let us know in the comments section below.
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