The Cryptocurrency Market Cap despite rising near $143B is up currently by 2.07% to $138.26B in a 24 hour span. The Kryptoin NAV is up slightly more by 3.6% to $28.77 as Bitcoin (BTC ) is up 2.13% to $4292.16 during the same time frame.
Bitcoin Sees Biggest Single-Day Price Gain Since April
Bitcoin (BTC) is teasing a short-term bullish reversal, having just recorded its biggest single-day gain in seven months.
Prices closed yesterday (UTC) at $4,257, a 24-hour increase of 11.43 percent and the highest daily gain since April 12, according to CoinMarketCap.
Back then, the cryptocurrency was trading above $6,900, 38 percent higher than the current price of $4,345. Interestingly, the 13 percent price gain witnessed that day had been preceded by a 45 percent drop and a minor bout of consolidation.
More importantly, the big bullish move of April 12 marked the beginning of the rally, which saw prices rise to near $10,000 by early May.
Similarly, yesterday’s 11 percent rise had been preceded by a 44 percent drop to 14-month lows below $3,400. Further, positive signs are building up on the short duration technical charts. As a result, bitcoin could be in for a short-term bullish reversal, similar to the one witnessed after April 12.
Godbole, O. (2018). Bitcoin Sees Biggest Single-Day Price Gain Since April — CoinDesk. [online] CoinDesk. [Accessed 29 Nov. 2018].
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