Crypto Markets Reach 6-Month Milestone
Things are looking good out there – and even better across the horizon
Crypto Markets Reach 6-Month Milestone Following Monster Rally
“Bitcoin’s return to $10,000 seemed imminent last week after the largest cryptocurrency achieved an important technical milestone. On Jan. 31, the 50-day exponential moving average (EMA) crossed the 200-day EMA, setting the stage for a continuation of the bullish trend. Since the so-called “golden cross” was attained, bitcoin has rallied more than $2,000.
Beyond the number one cryptocurrency, altcoins and tokens saw significant upside on Wednesday.
Ethereum (ETH) spiked 13.5% to $254.35, its highest since July. XRP rose 8.7% to $0.2969. Bitcoin cash (BCH), EOS, Litecoin (LTC) and Cardano (ADA) rose between 4% and 11%.
No other cryptocurrency exemplified ‘alt season’ like Tezos (XTZ). The tokenization platform spiked more than 20% on Wednesday en route to a new all-time high.
Combined, crypto assets reached a total market capitalization of $302.7 billion, their highest since August. The asset class has grown by $110 billion this year alone, having completely reversed the cyclical bear market that began in the third quarter of 2019.”