Crypto currencies signaled a rebound in the last few days, while American dollars had been struggling to gain momentum. Many analysts are suggesting this surge as a Santa rally, which could have evaded at the end of Christmas holidays.
While this report is being written, the Bitcoin was trading around $4081.4 and the Ripple has again resurfaced over $0.41. While the Ethereum has also experienced significant gain, residing at 142.8, the Litecoin manages to rise above $34.5.
Ahead of the Christmas holidays, the Ethereum and Ripple have soared, as the buyers have taken momentary control of the market and the market turnovers have turned to multi-months high. If the last week’s crypto rally continues until the end of the year, the market may experience a marked rebound, while Bitcoin is eyeing its key resistance level at 4,550-4,850 and the Ethereum might again reemerge over $200 region.
While Santa rally is really helping the holding buyers, who had been in net-long buying positions since last October, the overall market outlook remained highly bearish, with most cryptos are drowned by 85 percent and the overall market capitalization still remained below $100 billion.
None the less, any long-term rally would require a fundamental change in the regulations or mass adoption of blockchain technology, otherwise, the market capitalization is likely to fall again below $70 billion.