Bitcoin, GIFA Token, and other altcoins, the prices surged today. The global cryptocurrency market capitalization surged to $1.8 trillion, u...
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| Bitcoin, GIFA Token, and other altcoins, the prices surged today. |
Bitcoin
Bitcoin's swift recovery from one-month lows has some investors saying the rebound is likely to continue. The activity in the options market suggests they may be right. Bitcoin (BTC) jumped on Friday by 7.47% to reclaim the position of $38,300 at 14:30 GMT.
The world's largest cryptocurrency has risen above $39,000 but on the previous day, Bitcoin had fallen as low as $34,338.57 on Thursday. Bitcoin's price move has more recently correlated closely with other risk assets like stocks, as more institutional investors get involved and short-term investors who trade bitcoin like other risk equities have entered the market.
GIFA Token
According to the daily chart, GIFA Token (GIFX) recovered by +6.39% following a big sell-off two weeks ago that saw millions being wiped off the market after the pressure of selling. GIFA Token was trading about 35.37% higher at $622.52 on 11 February, according to the recorded price chart taken by Blockchain Explores. As of today, the price of 1 GIFA Token is worth $98.57 in the last 24 hours.
GIFA Token price is fluctuating up and down, although it remained in a good perspective to rebound back. If the token crosses below the 9-day and 21-day moving averages, traders may expect close support at $60.00 or even below. But, if the bullish movement occurs and breaks above the channel, traders can then confirm a bull-run for the market, and the nearest resistance level could be located at $200 and above.
Ethereum
The all-time high value of Ethereum (ETH) was on November 10, 2021, when it reached a value of $4,878.26. Here, we can see that the token was $2,283.98 higher in value or by 88%. Going over the token’s performance throughout January, Ethereum (ETH) saw its highest point in value on January 4, when the token reached $3,874.34.
The lowest point the token fell to was on January 24, 2022, when it decreased to $2,199.92. Here, we can see that the token saw a decrease of $1,674.42 or 43%. However, from January 24 to February 25, the token has increased in value by $394.36 or by 18%. With this in mind, we can expect Ethereum to reach $2,700 by the end of March 2022.
Ripple
Other digital coins including ether and XRP saw double-digit percentage gains after yesterday's dip, which was sparked by the conflict in Ukraine that also saw global stocks fall sharply. The positive price movement has filtered through to cryptocurrencies.
At the time of writing, the Ripple price is currently exchanging hands at $0.65 and any attempt to remain below the 9-day and 21-day moving averages may likely bring it towards the lower boundary of the channel. However, traders may experience a quick buy if the trade reaches the support at $0.60 but traders should keep their eyes on the resistance levels of $0.85, $0.90, and $0.95.
Moreover, if the price fails to rebound, a bearish breakout is likely to trigger more selling opportunities for traders, which might cause the price to retest $0.55 and could further drop to $0.50, $0.45, or $0.40 support levels.
Dogecoin
Since the most recent all-time high on May 8, 2021, the Dogecoin price has continued to slide lower and lower. Dogecoin price spread out between the $0.145 and $0.175 value areas. Therefore, if bulls want to confirm a time and price move that would initiate a new bull run, then bulls need to close DOGE on the daily chart at or above $0.175.
From there, DOGE will have an easier time moving higher than lower, with $0.250 as the primary target. Downside risks remain significant. DOGE can very easily (and without warning) collapse towards the $0.09 value area at the current price range due to nearly non-existent trade volume between $0.12 and $0.09.
"What we're seeing now is the market unwinding and shorts closing positions."
It seems there will be a big rebound in the cryptocurrency market that could also be the result of a so-called short squeeze, according to Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno. "Given, the situation unfolding in Ukraine, market participants generally went short BTC [bitcoin] to protect downside risks. This was defensive positioning essentially," Ayyar said.
Conclusion
Furthermore, the legalization and approval of purchase, sale, or trade of virtual currencies in various developed countries are also driving the market growth. With the immense transparency of distributed ledger technology or blockchain, there is minimal risk of fraudulent or unwanted transactions due to human or machine error or data manipulation. This enables all the parties to monitor any changes that are being made during the transaction in real-time, thereby offering enhanced data security and immutability of the transactions.
Additionally, convenient access to online trading platforms that can be used through smartphones is contributing to the market growth. Other factors, including growing market capitalization or market cap of the industry, along with the advent of bitcoin cash, litecoin, gifa token, dogecoin, etc are anticipated to drive the market further.