Taking a look at the market today, you can see that it is starting to surge. Crypto market may have suffered around mid-March because of the Covid-19 shut down but has since started recovering and is currently displaying an 11% upsurge. This percentage is expected to rise even higher as more people are moving towards digital assets because of the same Covid-19 lockdown. This massive surge has resulted in about $50 million more investment in the crypto market. All altcoins are benefiting from this investment as well.
Some U.S. strategists suggested that the stock market was headed for a major downfall with coronavirus still expanding. A negative impact on the crypto market seemed like an unavoidable eventuality through April and the following few months. At the beginning of the year, several experienced traders like PentarhUdi predicted that Bitcoin price would drop to $6000. It dropped just like the rest the digital assets at the onset of COVID-19, but now things might be looking up.
Bitcoin is cranking up. Despite the current financial panic in the global market, Bitcoin maintains the top position in this surge as it overcomes resistance reaching about $9,000. Due to this market surge, the price of bitcoin registered a rise of 13%, which is quite a fantastic percentage to be experienced in 24 hours. BTC has achieved. The highest pump so far this year. It may have come as a surprise since many people predicted a long consolidation period, possible the entire 2020, where the value of Bitcoin would stagnate around $6000. A class of BTC millionaires might just be emerging.
Ethereum is also following suit registering 10% upsurge and overcoming resistance to reach $218 coming very close to the predicted $200 resistance level. Crypto experts are predicting the value will rise to $250 soon. The price of Ethereum has been showing bullish momentum for a while now maintaining a price of over $190. Now the internet is painted green with the rumour that the next resistance level that Ethereum is likely to overcome is $250.
Litecoin is rapidly advancing towards the $60 mark as it registered a rise of 18%. EOS, on the other hand, realized a 20% gain reaching $3.30. Although, this is still low as compared to their values at the beginning of 2020.
Bitcoin Cash, Huobi Token, Cosmos and Tron have achieved about 8% pump. Currently, Komodo might be the only cryptocurrency left at the red line.
The technical predictors have been completely thrown off balance with this recent development. The tough question that must be going through every investor’s mind is: What next? Will the crypto assets keep gaining this year even after the wave of Covid-19 has passed? Should we cash out now? Many people are thinking that you might be missing out if you don’t invest now. Let’s wait and see.