The cryptocurrency market continues to register massive gains. Ethereum (ETH) and XRP are at the forefront of this new bull run. While a few days ago Litecoin (LTC) was the leader, ETH and XRP are now registering massive gains.
Ethereum and XRP Skyrocket
XRP was able to surge to $0,71 just a few hours ago. This allowed the cryptocurrency to grow by over 55% in the last 24 hours, according to CoinMarketCap. Meanwhile, Ethereum surged above $600, the highest price reached since January 2018.
The entire cryptocurrency market is now in bullish momentum. While Bitcoin was able to grow in recent months, it is now time for altcoins to take the lead. Bitcoin (BTC) is the only cryptocurrency among the top 30 to register losses in the last 24 hours.
It seems that traders and investors decided to move from Bitcoin to altcoins in order to get exposure to coins that could still register a 300% increase. Just a few days ago, XRP was traded close to $0.25. Now, it has surpassed $0,70. This represents a price increase of over 179%.
During a conversation with UseTheBitcoin, Konstantin Anissimov, Executive Director at CEX.IO, explained that Bitcoin has entered a new bullish cycle that seems to be supported by a massive influx of institutional capital. Some of these examples include billionaires such as Stanley Druckenmiller and Paul Tudor Jones that are shifting towards Bitcoin.
At the same time, Ethereum 2.0 is also moving fast. Those users that hold 32 ETH or more are now able to collect staking rewards. This seems to have attracted a large number of investors that didn’t want to be left behind. The second-largest cryptocurrency in the world registered over 31.60% gains in the last 7 days.
Nevertheless, Mr. Anissimov believes that we could be close to a correction if we follow the technicals behind the market.
On the matter, he said:
“Multiple technical indicators suggest that a steep correction is underway. For instance, the Tom Demark (TD) Sequential indicator is currently on a green eight candlestick on these cryptocurrencies’ monthly charts. This technical pattern hints that a sell signal will develop throughout December in the form of a green nine candlestick.”
The bearish formation may lead to a one to four monthly candlesticks retracement before the uptrend resumes. However, volatility will remain high and Ethereum may surpass $1,000 if Bitcoin surges to all-time highs.