Bitcoin’s (BTC) price dropped by more than 50% this year, amid a regulatory crackdown and a rejection of BTC ETFs by US Securities and Exchange Commission (SEC), which last month dismissed requests to list nine cryptocurrency funds and cited continued concerns about manipulation.
But according to the Cointelegraph, following a sell-off that started on September 24, crypto markets are seeing the second day of a rebound, with daily trade volume now amounting to more than $16 billion.
BTC on the move
Bloomberg says BTC bulls are looking at new technical signals in hopes that the cryptocurrency reverses its recent slump and starts pushing higher.
Based on an analysis of RIG trend lines, a leading technical indicator that is a combination of the RSI and momentum studies, the momentum gauge crossed the relative strength index (RSI) gauge, which could be indicating a positive price movement is on the horizon. BTC’s price rose the past three times the two gauges crossed.
“This is the fourth time the momentum gauge crossed the RSI gauge this year; each was followed by a rise in BTC’s price. The last time this occurred, in mid-August, the cryptocurrency’s price rose by 21% over the next three weeks,” says Bloomberg.
From a high of $19,511 in December, BTC is currently trading above $6,637.
The Cointelegraph says BTC is up around 2.82% over 24 hours period, but with that, BTC is still down over 3% over the past 30 days.
Other top cryptos Spiking
Ethereum (ETH) is seeing more gains over the day, trading at $228 at press time. According to Cointelegraph Ethereum Price Index, the altcoin is up more than 6% over the past 24 hours at press time and over 2% on the week.
The third top cryptocurrency, Ripple (XRP), is up 3.98% over the 24 hour period and is trading at $0.54 at press time. Following skyrocketing growth during the week, the altcoin is up almost 60% over the past month.
Crypto markets have seen a sharp rebound with total market cap bouncing back above $220 billion within just a few hours. At press time, total crypto market capitalization is $224 billion, with an intraday low of $212.9 billion.
Bitcoin predictions bullish
An incremental price increase of 3.63% over the last seven trading days could signal there is still a bright future for the digital asset.
Famed billionaire investor and founder of Galaxy Digital LP Mike Novogratz said last week that the bottom was here. Novogratz stated that there are still key levels, like $8,800 and $10,000 for instance, that BTC will need to breach before really moving out of this bear market.
According to Btcnews.com, he added that BTC could reach as high as $ 50,000 by the end of this year.
Meanwhile, Changpeng Zhao, CEO at Binance, expressed his rather positive sentiment on the current market setup during an interview with CryptoGlobe at Consensus: Singapore 2018 conference.
He outlined that 2018 has seen very strong support at $6,000, comparing it to 2015 when the support level was $200.
“So, I think that any minute the bull market will return, and historically, October to December are the good months. Before Christmas are usually the months when the markets go up very often, but I am not saying that it will this year, or that it will not,” the Bitcoinist reported Zhao as saying.
BTC 24 hour price chart. Source: Cointelegraph BTC Price Index
Ethereum 24 hour price chart. Source: Cointelegraph Ethereum Price Index
XRP weekly price chart. Source: Cointelegraph XRP Price Index
BTC not so dominant vs altcoins
BTC’s share of the total cryptocurrency market capitalization has been in freefall in the second half of this month after hitting year-to-date highs in mid-September, according to Forbes.
BTC’s contribution to the total cryptocurrency market capitalization has dropped to just above 50%, quoting CoinMarketCap data, as other major cryptocurrencies experience a revival, boosted by big wins for ripple (XRP), BTC cash, and litecoin.
BTC currently has a market cap of $117 billion, down from $127 billion at the beginning of the month.
BTC’s dominance has tumbled through September.
Elsewhere, the ripple (XRP) price surged as details of a new product launch that will see XRP used directly by some banks sending money across borders led to a more than 100% uptick to ripple’s price.
Earlier this week ripple briefly overtook ethereum as the world’s second largest cryptocurrency by total market capitalization for the second time this month before falling back. Both ripple and ethereum are battling it out for the second spot, each with a market cap of around $22 billion.
Both ripple and ethereum have fallen back sharply from their peaks at the turn of the year, though ripple’s recent surge has meant it has made up ground on ethereum.
BTC cash was boosted from Bitmain’s delayed initial public offering proposal, and litecoin rose in value after it was yesterday announced SFOX, a cryptocurrency prime dealer for high-volume traders and institutional investors, it added litecoin trading support.