Cryptocurrency Market Suddenly Skyrocket
Hi guys!
How is the start of the weekend looking like for you? Most of our team members at @coingecko have been winding down, going home to visit their family and friends during the Lunar New Year.
Meanwhile just hours ago, we were caught surprised by the cryptocurrency market.
From what we have noticed, it started of with Litecoin surging up after an announcement of a possible implementation of adding MimbleWimble protocol and working with the Beam project.
Shortly after, the entire market saw a sudden skyrocket with Bitcoin increasing +7.4% and Ethereum increasing +13.4% in the last 24 hours.
Steem closes at $0.287 with an increase of about +6.1% in the last 24 hours
What do you think about the market today? Were you caught by surprised as well? Share with us your thoughts!
It was nice to see Steem rise from a BTC standpoint, that is until BTC jumped in price and then it pretty much gave up all those BTC gains. Regardless, it is nice to actually see some green across the market for once.
We thought so too!
Honestly, with the markets so volatile as they are, I do not give much about the sponaneous up and downs. Long-term development is much more interesting to me.
Trading volume has been very low the last days and weeks and the cryptomarket was just slowly descending in price. Now, we get here and than some volume and those market participants can manipulate the price to the preferred direction. For me the rally is short lived if there is no buying volume following to this spike. We are still making lower highs and lower lows = Bearmarket!
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Surprised with the whole market surging like that even though though total cap is so low it wouldn't take much to move most of the coins rights now.
Not surprised with STEEM which has been threatening to break out past the 30c mark with the past couple of months. Combine that with all of the extra work going in here I still find it one of the the most undervalued coins out there.
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Enjoy your time with your families and friends. Crypto will wait for you.
Happy new year to your team.
Maybe Charlie Lee is buying Litecoin again. Gonna be super funny when he "eliminates any conflict of interest down the line" one more time.
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I'm on the fence about this @coingecko.
And I cannot tell if this is a bounce before moving down further, if Steem will trade sideways instead, or if there will actually be a reversal in the current beark market.
I am a strong believer in the long-term value of Steem, but it's impossible to know what will happen in the immediate future.
This post has been included in the latest edition of SoS Daily News - a digest of all you need to know about the State of Steem.
Hope it's just a start of new rising of Steem price. And it won't stop as suddenly as it started. But I wonder what caused it? 🤔
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This is a great update! Keep up the good works!
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