Cryptocurrencies resume recovery as bitcoin passes $3900

  • by Ahmed Mamdouh
  • February 19, 2019, 15:28 AM
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Cryptocurrencies resumed their rally for a fifth straight day on Tuesday, where the Bitcoin passed strong resistance at $3,900, raising questions whether the undergoing recovery will prove to be short-lived.

The Bitcoin soared 4.5 percent to $3,923.24, Ethereum added 5.6 percent to $147.12 and Ripple climbed 8.1 percent to $0.3354, according to CoinMarketCap. Yet, EOS was the biggest winner among the top 10 digital currencies as it leaped 17.9 percent to $3.54.

The Bitcoin hit a high of $3,972 on Binance exchange today, a level not seen since Jan. 10, after recording 6.3 percent rise on Monday.

So far, the bitcoin has jumped more than 13 percent in February, where analysts are predicting the leading digital currency to test resistance at $4,000, but still there isn’t enough confidence in the crypto markets’ ability to start a bull run.

In the event of a positive closing for the bitcoin in February, this would be the first monthly gain since July last year.

It seems that the increased interest in the crypto market is the behind the latest rally, especially after the announcement of JPMorgan Chase to its launch of a new cryptocurrency, which it named JPM coin.

Rakuten, called the Japanese Amazon, said it will soon integrate bitcoin and cryptocurrency to its payment options.

Some analysts argue that optimism regarding US and China trade negotiations this week could be the key driver to the price surge, like what happened in global stocks, but, so far, the crypto market has not built a clear fundamental relationship with other financial markets.

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