As if the above were not problematic enough, the interference of regulators is growing. Many countries have started to take a close look at cryptocurrencies, seeing a number of “hazards” for economic stability, and of course, the fact that they could undermine the traditional economic structure.
Clearly things haven’t been all that easy for cryptocurrencies over the past few months, but recently Ethereum, which is the second largest cryptocurrency in the market, has started an interesting rise. . However, this is a modest rise, which cannot, at least at this stage, mean that a bull market is on the horizon. It is certainly a good sign.
Ethereum shows bullish signs
After bitcoin’s fall in value became widespread, things got a bit tougher for the market, but it looks like Ethereum is managing to overcome these issues, as it has shown bullish signs on several occasions. Although we cannot say with certainty that this is a trend that will continue, it is a positive sign for now.
The beginning of the fluctuations took place at the beginning of the week. At that time, Ethereum’s gains were larger than what it had seen in the previous weeks and months. This positively surprised investors and could inspire them to make new investments.
But that’s not all, because somehow Ethereum boosted bitcoin, or the overall market started to have a positive movement. Recall that on Saturday, bitcoin started with a significant gain, moreover, a good part of altcoins recorded green numbers, so the movement in the market is a fact.
In the case of bitcoin, it managed to approach $25,000. Indeed, at the time of this publication, the price of the main cryptocurrency is $24,533.
And if we look at the Ethereum data, we realize that the bullish signs are quite strong. In the last 24 hours, according to the records, this cryptocurrency has increased by 5.1% and at the time of this publication, its price is 1986 dollars. And although it has decreased its value a bit, compared to the high of $2,020, it still remains at a relatively favorable level, as its price resembles that of the last days of May of this year.
Will the market recover?
It’s a little hard to say for sure that the market will recover with such a modest increase, but that doesn’t mean it’s impossible. In the past, entries into bull markets have started with weak rallies that then extend and allow the market to rally.
If we can’t be sure what’s going to happen, we’ll go with the facts, because globally the market capitalization has increased by just over $50 billion in just 24 hours. This brings the market capitalization back to nearly $1.2 trillion and some cryptocurrencies continue to see modest increases.
If this increase does not mean that more will be registered soon, it is inevitable to be somewhat optimistic that some cryptocurrencies will see further growth. If that happens, it’s likely that by the end of the year, bitcoin and the market in general will be able to regain some of the value they lost in the first half of the year.
At the moment there is no further information on the forecasts of market analysts, but the trend should be rather positive. So far, it is also a little early to talk about new highs, so what is expected is that soon the reversal will become more significant and the price of some cryptocurrencies will increase. In the meantime, market optimism is renewed and the future looks quite bright.
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