Over the past 48 hours, the crypto currency market has grown by more than $ 25 billion from 198 to 223 billion. Ripple and Ethereum supported the dynamics of the market. In addition, Bitcoin's crypto currency has good chances to pass an important border of 6,800 dollars.
Since September 20, the crypto-currency market has initiated a strong corrective meeting, caused by the conditions of extreme overselling. But, as many investors expected, the massive impetus for the growth of most of the main crypto-currencies and small capital assets led the market to recovery.
Stellar, Tezos, Waltonchain and Status recorded losses ranging from 6 to 8 percent, demonstrating an increase of about 20 percent over the last 24 hours.
Good news for Bitcoin
Currently, as of September 22, Bitcoin's price remains under the $ 6700 boundary, and if the volume of dominant crypto currency, which increased from 3.3 to 5.8 billion over the past week, will be sustained over the next 48 hours, it is likely that Bitcoin will outperform the resistance level at $ 6,800 in the short term.
Naturally, if the BTC surpasses the mark of 6800 dollars, it will lead to the fact that the crypto currency will enter the region 7000, which will allow it to check the resistance level in 8800 in the medium term. Earlier, billionaire Mike Novograss stressed that $ 6,800, $ 8,800 and $ 10,000 are the main resistance levels that BTC needs to overcome.
Short-term forecast Novogradtsa reflects the view of Masayuki Tashiro, a well-known Japanese market analyst, who said that the Bitcoin price is likely to exceed 9,000 dollars by the next month.
Already, as Tashiro explained in June, positive changes in the legislation were made in Japan and South Korea, which, he said, would push the price of the crypto currency to increase by large sums.
Where will the crypto currency market go further?
On September 22, Kriptonok demonstrated the standard situation after a major corrective rally. If the market continued to grow at a fast pace this week, this could lead to a significant drop in price.
In the coming days, based on all the data presented and momentum in the market, it is very likely that it will potentially approach the $ 250 billion mark, which has not happened since the end of July.
Thus, a slight drop in prices for most tokens and small barriers in the market over the past 12 hours can be seen as a positive price movement for another short-term rally.
Author: Olga Novikova, analyst of Freedman Club Crypto News
Image from Fotolia